The Bitcoin Company has made a groundbreaking move in the world of international remittances with the launch of its new Remittances API. This API allows individuals and financial institutions to send instant payments to any bank account in Mexico and Brazil in under 1 second, marking the company’s expansion into the global remittance market.
By leveraging the power of the Bitcoin network, The Bitcoin Company is able to offer a cost-effective alternative to traditional banking rails like SWIFT, significantly reducing international remittance costs. The API communicates with local payment networks in Mexico and Brazil, ensuring that funds are deposited instantly into recipients’ bank accounts.
This development is a game-changer for the remittance market in Mexico and Brazil, which has historically relied on costly services like Western Union and MoneyGram. With average international remittance costs hovering around 6.18%, The Bitcoin Company’s API disrupts this landscape by providing low-cost, instant, and 24/7 cross-border payments.
Ben Price, Founder and CEO of The Bitcoin Company, emphasized the importance of disrupting the remittance market, stating that traditional providers are taking advantage of vulnerable populations by charging high fees. The company’s vision is to provide easy-to-use, Bitcoin-native financial services and build developer-friendly infrastructure connecting Bitcoin with legacy financial systems.
With plans to expand services to the USA, Canada, Europe, Asia, and Africa in the near future, The Bitcoin Company is poised to revolutionize the way cross-border payments are made. Developers and businesses alike can now easily integrate low-cost, instant payments into their applications with the Remittances API.
