Bitcoin is getting new traction in South American countries. While the price fluctuations of the currency are still valid and the market is extremely volatile, there is no denial that the “people’s currency” is “rain making” in South America.
According to recent press releases, adoption of Bitcoin in South America has increased significantly in the last several months. Also, there is an improved access to cryptocurrencies. These two phenomena are primarily due to a new partnership between the Bitex cryptocurrency exchange and a leading banking company from South America.
The partnership helps the facilitation of international payments over the technology of blockchain (the one Bitcoin was built on). Bantotal is a baking service provider that is based in Uruguay and provides services to more than 60 different financial institutions in more than 13 countries around the world. The partnership between Bitex and Bantotal will allow Bantotal’s customers to access the exchange’s services in a marketplace with other financial services currently offered by Bantotal via its BDevelopers platform.
Such partnership may not feel as such a huge disruption, but it will play a huge role in the South American economy, as it will allow customers to have access to new, more exciting payment methods that encourage the cryptocurrency use for cross-border payments between countries in which these 60 financial institutions operate.
On its side, Bitex will make sure that the partnership allows for the facilitation of fiat currencies and cryptocurrencies transfer. It will serve as a middleman so that banks that handle the transactions do not engage in the crypto-fiat exchange process.