Félix, a WhatsApp-based remittance platform, partners with Bitso to enable faster and cheaper cross-border payments from the US to Latin America using USDC on the Stellar network. The solution reduces remittance times from hours or days to seconds while dramatically lowering transaction fees.
Félix and Bitso have partnered to revolutionize remittances in Latin America by leveraging USDC stablecoin on the Stellar network. Félix operates as a WhatsApp-based payments platform that allows US-based Latino immigrants to send money to relatives in Latin America through a simple chat interface powered by AI. Bitso, Latin America's largest cryptocurrency platform with over 5 million users, provides the on/off-ramps that convert US dollars to USDC and then to local currencies like Mexican pesos through the SPEI banking system. The solution addresses traditional remittance pain points: high fees (averaging $10 per $300 transfer), slow processing times (up to hours or days), and the need to visit physical locations. By using Stellar's fast and low-cost infrastructure, Félix can complete entire transactions in seconds while keeping fees minimal. The partnership demonstrates the power of combining blockchain technology with existing financial infrastructure and user-friendly interfaces to serve underbanked populations.
