Mexico is a fascinating country when it comes to the remittance market. There is a lot of money flowing from the US to Mexico on a monthly basis. This has caught the attention of Bitcoin company Bitwage, as they expand their service to Mexico.
If it is up to Donald Trump, he will ensure no remittance will be possible between the US and Mexico shortly. While those plans may be vastly overstated, Bitcoin companies are actively working on bringing alternative money transfer solutions to the Latin American country. Bitwage, a popular firm in Europe and the US, is one of those startups.
Bitso and Bitwage Join Forces
Thanks to a partnership with Bitso, a company offering Bitcoin payroll services to Mexicans, a new service will be created. The primary objective is to facilitate the exchange between Bitcoin and Mexican peso. Bitwage will play a prominent role in this regard as they have plenty of experience in the payroll business.
One group of individuals who will reap the rewards from this approach are freelancers. Up until now, most Mexican freelancers were limited to finding jobs in the domestic market. But with the involvement of Bitcoin, they can look well beyond their national borders. Moreover, these freelancers will earn a higher wage, thanks to small Bitcoin transaction fees.
Bitso launched their payroll service earlier this week, specifically tailored towards making remittance in Mexico a lot easier. Receiving payroll wages from international clients through traditional means can be expensive and time-consuming. Bitso focuses on completing these international transfers much faster, while offering a better exchange rate as well.
Bitwage has been making a name for itself through its payroll services. Recipients can choose the currency they want to be paid in, whether that is a local currency or Bitcoin. This removes a lot of friction for the funds senders, as they do not have to worry about converting to a different currency before initiating the transfer.
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