Bitso, the leading financial services company powered by crypto in Latin America, announced that during 2023 reached a 60% growth in its operation of the Bitso Business division, which reached an annualized volume of 8 billion dollars globally.

Over the past year, 1,700 institutional clients traded at least once a month through Bitso. Such organizations use Bitso payment rails and blockchain-based technology for mass pay-ins and pay-outs to employees and suppliers, cross-border payments, and other types of financial operations.

Among other results for 2023, there is also an increase in transactions for the corridor between USA and Mexico (one of the most important in the world and the largest in sending remittances), in which Bitso this year registered a volume of 4.3 billion of dollars, exceeding the 3.3 billion sent in 2022.

This growth has been made possible because during 2023 Bitso globally enabled International Payments, a set of services for transactions between countries. Last July, Bitso announced the integration with Stellar as anchor to enable new transaction corridors between Latin America and Europe, with a direct impact on the economic development and financial inclusion of companies. In addition, a few weeks ago it announced the new eFX with crypto service that allows businesses to carry out transactions with Brazil in stablecoins without the need for a local subsidiary and in compliance with local regulations.

“One of our goals at Bitso is to build the infrastructure for the future of money and open new opportunities for companies from around the world to do business in Latin America,” Santiago Alvarado, General Manager of Bitso Business, said. “We are very optimistic about the future of our institutional business, thanks to our regulatory strength, guaranteed liquidity and our connection with direct rails to the local financial systems of the countries where we operate. Because of this and in combination with the power of blockchain technology, we are confident that we will continue to consolidate in the region.”

Among its institutional clients, Bitso has companies from various sectors, including fintech businesses, payment processors, companies focused on sending remittances, as well as other crypto exchanges in the region. 

In 2024, Bitso will continue to increase the offer of business services to serve more institutional clients and provide technological options that solve different financial needs and help drive the expansion of Latin American businesses and connect them with the rest of the world.