South American bank to use Bitcoin for cross border payments

posted 3 months ago
A South American bank, Bantotal, formed a partnership with crypto exchange Bitex, to enable cross-border payments such as remittances, through leveraging the Bitcoin network. Uruguay based Bantotal has a reported 20 million person userbase.

“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” said Manuel Beaudroit, Bitex Chief Marketing Officer. Bitex settles transactions on the Bitcoin blockchain to save time and money. Santiago Siri, founder of digital governance startup Democracy Earth and advisor to Bitex said “It’s an ideal partner for banks to use Bitcoin … as a way of connecting banks in a way that is not very common in the industry yet is fundamental for markets like Latin America.”
Tags: bitcoin, blockchain, news