Stellar Network Grows Stronger with Addition of Top Latin American Exchange Bitso

Key highlights:

• Stellar’s XLM is one of the biggest gainers today, following a series of positive developments 
• An integration between Bitso and Stellar is aimed to facilitate direct cross-border payments to Latin America using USDC, thereby eliminating intermediaries

Bitso, a top-rated cryptocurrency exchange primarily serving the Latin American market is seeking to expand its horizons following their recent integration of the Stellar network.

Bitso’s partnership with Stellar’s Anchor Network represents a major leap forward towards enabling the firm to establish a seamless cross border payment system between Latin America and the global market. Following the collaboration, businesses and crypto users around the world are now open to an innovative solution that allows them to conduct transactions in USDC (USD Coin) to Argentina, Colombia, and Mexico.

Santiago Alvarado, SVP of Institutional Product at Bitso, highlighted the significant impact that blockchain and cryptocurrencies can have on cross-border payments. 

With an increasing demand for faster and cost-effective remittances and international trade, the integration of Stellar’s Anchor Network presents a transformative opportunity for businesses and individuals alike. Therefore, companies around the globe will have access to conduct international transactions with Latin America without the need for intermediaries.

Notably, he emphasized that by joining forces with the Stellar network, known for its secure and efficient blockchain infrastructure, Bitso gains a powerful tool to facilitate faster, cheaper, and more accessible cross-border payments for its users.

Bitso had impressive performance processing a whopping $3.3 billion in transactions between Mexico and the United States during the latter half of 2022. Moreover, the company also witnessed a remarkable 32% surge in total international transfers during the same period, showcasing its growing influence and significance in the global financial space.

Stellar (XLM) Surges by 69% 

The integration of Bitso is one of the many positive developments that have helped contribute to the recent bullish activity in the XLM markets.

It appears that investors’ confidence in the platform’s potential has been renewed, consequently fueling an increase in trading activity and the use of Stellar (XLM).

In recent days, Stellar (XLM) has been seen emerging the top gainers list while surpassing its competitors and attaining remarkable growth on both daily and weekly charts. As of the time of writing, the token soared by an impressive 68.53% within seven days, with its daily chart reflecting an astounding 17% surge, elevating its current trading price to $ 0.163059. 

Considering its recent market performance, Stellar (XLM) owes its soaring success to the captivating advancements within its ecosystem. Apart from its recent collaboration with Bitso, HoneyCoin app has also unveiled integrations with the Stellar network in a bid to introduce a new feature that will enable USDC cash outs at MoneyGram locations in various countries. 

These advancements have marked significant milestones for the Stellar ecosystem, further strengthening its position as a significant player in the global crypto market.