The Mexican Bitcoin exchange Bitso has announced a collaboration with Bitwage to help Mexican workers attain their wages in Bitcoin. Founded in 2014 Bitso is one of Mexico’s first Bitcoin exchanges within the region and offers service for those exchanging with the Mexican Peso. Adoption in Mexico has increased quite a bit over the past year and is showing signs of steady growth within the Mexican borders.
Now Mexican freelancers can receive their pay using Bitso tethered to the Bitwage platform. The Bitwage firm was co-founded by John Lindsay and Jonathan Chester and the company states it enables “workers receive their wages in flexible distributions including digital and local currencies.” Bitwage aims to reduce cost in regards to payroll, transfer speed and make the payroll process trackable and immutable. The company states that the partnership with Bitso allows payroll processing more efficient for businesses internationally. Bitso’s blog announcement explains the integration:
“If you live in Mexico and receive your list of companies from the US and Europe, this service is for you. This integration allows your customer to make a payment for your services via bank transfer in your country while you receive payment in Mexican pesos to your account. The integration takes advantage of the efficiency and security offered by Bitcoins to transport your payroll around the world within minutes. Bitwage has tools to track your payment through its platform, making safe and transparent process.”
Bitso has received $1.8 million in venture capital investment on May 16, 2016, from investors such as the Digital Currency Group, FundersClub, and Hard Yaka. With the new integration Bitso says the Bitwage tools will help users track payments through its platform allowing lower commission, and faster payment processing because of Bitcoin’s superior protocol. Mexican remittance is in the billions every single month and processes quite a bit of pesos and international currencies. Both companies for a limited time only are also giving $5 bucks to anyone who signs up for an initial Bitwage account and becomes a registered user on the platform.
Mexico’s Secretariat of Finance and Public Credit (SHCP) has acknowledged the use of Bitcoin within the region’s borders. Additionally, the central Bank of Mexico has issued a warning concerning the use of cryptocurrencies. However growth in the country has grown quite a bit with exchanges such as Volabit, MexBT, and Bitso has also acquired a small Mexican exchange called Unisend Mexico. According to CoinATMradar.com, there are three Bitcoin ATM’s within the area and the Mexcian Bitcoin community has large groups on social media platforms like Facebook as well. The cryptocurrency evolution is happening in Mexico and the partnership between Bitso and Bitwage will continue Mexican Bitcoin progression.
Source: Bitso blog, CoinATMradar, Local Bitcoins, Bitwage, and Crunchbase
Images: Bitso, and Pixabay