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.
According to a press release from Bitcoin Magazine, The Bitcoin Company plans to extend its services to the USA, Canada, Europe, Asia, and Africa in the near future. This move is set to disrupt the traditional remittance market, which has historically been dominated by costly services like Western Union and MoneyGram.
By leveraging the Bitcoin network, The Bitcoin Company’s Remittance API offers 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.
Ben Price, Founder and CEO of The Bitcoin Company, expressed his excitement about the launch of the Remittances API, stating that disrupting the remittance market has always been a key milestone in the company’s roadmap. He emphasized that with Bitcoin, payments can be cheap, instant, inclusive, and global.
The launch of this new API aligns with The Bitcoin Company’s vision to provide easy-to-use, Bitcoin-native financial services and build developer-friendly infrastructure connecting Bitcoin with legacy financial systems. With plans to expand to more regions and currencies, The Bitcoin Company aims to provide low-cost, cross-border, instant payments for both business and consumer needs.
Overall, The Bitcoin Company’s Remittances API is set to revolutionize the way cross-border payments are made, offering a more efficient and cost-effective solution for individuals and businesses alike.
