BitPay grows LatAm business via partnership with Bitso

Bitcoin payments processor BitPay has partnered with Mexican Bitcoin exchange Bitso, as it strengthens its footprint in the Latin American market.

The partnership is announced shortly after BitPay announced the addition of the Mexican retail chain, Grupo Famsa, to the list of users of BitPay platform. Famsa is the first major Latin American retailer to accept bitcoin. This integration will allow users to buy anything from mobile phones to washing machines with Bitcoin at its online store.

bitso_logoThe new partnership of BitPay and Bitso will allow BitPay’s Business and Enterprise merchants in Mexico to receive bank settlement for bitcoin payments directly through Banco de Mexico’s SPEI interbank payment network, without any additional settlement costs. Thanks to the Bitso partnership, BitPay will be able to lower that settlement minimum to 1,500 pesos and give its Business and Enterprise users more timely settlements for their bitcoin sales.

BitPay Executive Chairman Tony Gallippi commented:

“We are happy to partner with Bitso, a fellow Digital Currency Group investment company, to jointly offer bitcoin acceptance and local bank settlement to more Mexican merchants.”

To view the official announcement from BitPay, click here.

Read Also: