By Mark Ackman
The crypto market, despite going through one of the worst low points to ever come in years, as most cryptocurrencies struggle to make even the slightest comeback. Of course, the issue isn’t exclusive to cryptocurrencies and the crypto market, as nearly every financial market is struggling at the moment.
Despite the entire market going through what experts are calling a crypto winter, innovation throughout the space is still consistent. Experts believe that various types of assets should always work on their product during a bearish market. So when it does survive, it has a host of new products or services to offer.
One of the most recent developments to happen in the field is that crypto companies that are focusing more on remittance are starting to move to Mexico. At the same time, it may be a little odd to see Mexico become a hub for decentralized crypto remittance. And given the unique situation that Mexico is in, it only makes sense for various crypto companies to set up shop there.
The Second-Biggest Recipient of Remittances
According to various statistics that the World Bank has compiled, Mexico remains one of the largest recipients of remittances worldwide. In fact, close to $5.3 billion in remittances made their way into the country during July.
When compared to the same period as last year, this was a 16.5% increase. The best part is that all of this growth in the country offer various fintech companies a unique opportunity. With so many people already getting remittances in the country, it can be fairly easy to transfer them onto crypto remittances.
Therefore, most of the big names in the industry have already made their way to the country. These firms include Coinbase, possibly the biggest crypto exchange in the market.
Coinbase Takes the Lead
As soon as Coinbase made its way into the country, it showed off a unique crypto service specifically for the country. Their service will allow people in the US to easily send remittances to their relatives in Mexico. So even though people from the US would send their remittances in the crypto of their choice, people on the receiving end can receive it in pesos.
Of course, while Coinbase is one of the first firms to have a working remittance program in place throughout the country, other companies are catching up.
Belfrics Shares Plans to Move into Mexico
What might not come as a surprise to anyone, other cryptocurrency exchanges are already making their way to the country. The most recent one was Belfrics, a crypto exchange based in Malaysia. According to a public statement that the team has made, they will start by introducing remittance service solutions and a blockchain wallet.