In a breakthrough for the crypto industry in Latin America, popular crypto exchange Bitex has entered in partnership with a prominent banking service provider in the region, Bantotal. The latter has a presence in 14 Latin countries, which will give Bitex an unparalleled exposure.
Uruguay based Bantotal works with more than 60 banks and other financial institutions, which gives Bitex a great opportunity to integrate with these banks. Moreover, as per reports, Bantotal has a user base of over 20 million in Latin America. Market experts like Uruguayan Fintech Chamber founder Sebastian Olivera are viewing this as a major move for crypto in the region. He said,
Bantotal is one of the biggest banking providers in Latin America and is a huge player not just in Latin American but the greater Pacific. For me, Bitex provides a great solution for payments and they will be boosted by the structure and name of Bantotal.
The partnership between the two giants will allow Bantotal’s clients to use the crypto exchange’s services, through its BDeveloper program. Commenting on the partnership, Bitex Chief Marketing Officer Manuel Beaudroit stated that the integration with Bantotal program is a major step in blockchain tech for banking. He further added,
With this technology, banks can have access to an API and have control of the whole process of [cross-border] payment with visibility and reliability on the bitcoin blockchain.
Bitex facilitates the conversion of fiat to crypto to fiat for cross border payments. Beaudroit added that for payment from Argentina to Chile using Bitex, the user doesn’t need to buy the USD with Pesos, and “can just send a payment from Argentina to Chile directly (using bitcoin)”.
In short, Bitex acts like a peer-to-peer trading platform for banks, which reduces costs of transactions, time consumed for transfers. The industry, in this regard, has seen a steep growth in the last few months, though giants like Ripple and Stellar continue to dominate the cross-border transaction domain. However, Latin America, being a potent emerging market, will definitely give a boost to Bitex’s operations, making it a noticeable player in the region.