Global stablecoin payment provider BVNK has joined forces with Bitso Business to support financial institutions in scaling to new markets, especially Latin America and Europe.
Through this move, BVNK is set to leverage Bitso Business’s local payment infrastructure to support its clients in making payouts in Latin America. On the other hand, Bitso Business will utilise BVNK’s platform to enable companies across the world to conduct optimal international transfers, powered by stablecoins.
Potential benefits for customers
When it comes to Bitso customers, the partnership with BVNK is set to equip them with:
- The ability to send and receive payments from clients, platforms, and partners worldwide, without the need for an international bank account;
- More efficient international settlement enabled by stablecoins;
- No manual stablecoin conversion.
Additionally, the move will provide customers with instant access to working capital, settled in stablecoins, available to use, withdraw, or convert locally through Bitso Business’s infrastructure. The newly included capability aims to meet the needs of LATAM-based platforms, exporters, fintech companies, and service providers who rely on international transactions from countries supported by international wires, as well as SEPA payments. The collaboration between BVNK and Bitso Business seeks to simplify treasury, accelerate cash flow, and mitigate the need to deal with multiple banks, counterparties, and currencies.
Furthermore, BNVK is set to offer Bitso virtual accounts for incoming international transfers, real-time conversion from fiat to stablecoins, wallet infrastructure to credit balances, and access to SEPA infrastructure for transfers in Europe. Bitso Business will manage the final stage, providing customers with flexible access to local currencies from within the Bitso Business platform.
Commenting on the news, representatives from Bitso highlighted their company’s commitment to scaling accessibility and efficiency of financial services across Latin America. By working with BVNK, the company plans to allow its partner’s clients to access the Latin American market with safe and compliant local payment solutions. Also, embedding BVNK’s stablecoin infrastructure will enable Bitso to give its clients a faster and more optimal way to conduct international transfers.
