Coinbase Lets Immigrants Send Remittances To Mexico Via Crypto And Pick It Up At Retailers

In fact, Foresight Africa notes, according to the data platform Chainalysis, the continent has seen a 1,200 percent increase in cryptocurrency payments from 2020 to 2021. Additionally, Chainalysis ranks Kenya, South Africa, and Nigeria among the top 10 countries in the world in terms of cryptocurrency use. Finding a cheaper and faster method to remit money has therefore become key for countries that rely on these funds to pay for essential services. In Finder’s Cryptocurrency Adoption Index, 9 out of the top 10 countries most reliant on remittances ranked highly in terms of crypto-positivity. But while there are potential benefits to using cryptocurrency for remittances, there are still significant risks involved.

And cryptocurrencies for cross-border remittances can save the world billions of dollars every year. With blockchain, you can transfer digital tokens to anyone in the world, paying only for the network power or technology used to send those tokens, which costs way lower than the current prevailing fees in the traditional services. This way, much more of your money can reach your family, instead of being wasted on fees. This is a topic of importance for the millions who sacrifice so much and work far from their families to give them a better life.

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That diverse sample resulted in about 48% of total respondents identified as women. Of the 8,000 respondents from 72Point, 52% identified as women, while 21% of the 1,257 respondents from the Stellar/Wirex sample were identified as women. The survey revealed that women’s attitudes toward crypto are «increasingly positive», with about 45% of women and 59% of men seeing crypto as a «viable way of sending money overseas.»

Liquid supports a variety of fiat-backed stablecoins such as GYEN, ZUSD, XSGD, USDT, USDC, IDRT that could be part of blockchain remittance as an alternative to fiat currencies. Users can swap any stablecoins to another on Liquid using our Quick Exchangetool. Blockchain remittance uses the core principles of cryptography for verification and security.

• A predisposition towards viewing cryptocurrencies as a tool that can circumvent some of the constraints and high costs of traditional money transfer services will support the expansion of the market.
• Receivers can convert the tokens into pesos at participating locations across the country or invest the funds into a Coinbase account.
• Industry giants such as Western Union are looking at ways to ride the digital wave and, increasingly, to the potential of blockchain and crypto to transform their business.
• A handful of companies operating in the cryptocurrency space, such as Blockchain.com, Bitshares, Fairlay, Purse.io, SC5 and Bitwage are already paying employees with cryptocurrencies.

Not only the crypto usage is currently high (+170mio active users) but the adoption is booming (projected 20-50% adoption rate worldwide in 2030). Adding crypto as a sending option and allowing real-time conversion to local currency, allow remittance companies to leverage this trend and https://lenincoin.com/will-we-be-witnesses-of-the-remittance-industry-disrupted-by-crypto/ grow their business. So, customers still have to use their bank accounts to get the cryptocurrency in the first place, which is inconvenient. By far the largest concern about international cryptocurrency transactions is the possibility that they could be used for money laundering.

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Forced by the COVID-19 pandemic, the remittance sector has grown from transfers via physical remittance stores to online transfers. 2020 witnessed World Bank data record global remittances to low- and middle-income countries climb up to US$540 billion. In the future, https://lenincoin.com/ is expected to account for a much greater share in global annual remittances. Stellar, the crypto platform for financial services, is an example of how blockchain can assist the remittance industry.

The “megadeals” of 2019 got the attention in the payments industry, but it’s a host of other transactions in 2021 and early 2022—more than 40 in total—that have the potential to pu… The countries that topped in remittance earnings in 2020 were India (US$83.1 billion), China (US$59.5 billion), Mexico (US$42.9 billion), the Philippines (US34.9 billion), and Egypt (US$29.6 billion). The chief driving factor of remittance flow happens through migrant workers’ fund transfers to their home accounts. With Ripple’s global remittance solution, we are able to strengthen our cash flow position, moving funds quickly and securely at a lower cost than existing banking routes. Partnering with Ripple to help create our national digital currency is part of our commitment to lead in financial innovation and technologies, which will provide the citizens of Palau with greater financial access. Stablecoin remittance has certain advantages over traditional remittance like improved security, lower settlement period, and low transaction fees.

Due to the rising popularity of cryptocurrencies, more people are likely to use blockchain remittance platforms. Globitex team has created a professional Bitcoin marketplace to fill the need for institutional grade exchange platform with advanced IT solutions, suitable for both individual and institutional Bitcoin market participants. Here at Globitex, our mission is to open up more trading opportunities to both individuals and institutional investors while we offer a transparent, secure and reliable trading experience for our clients.