60 Latin American Banks To Start Using Bitcoin For Cross-Border Payments via Bitex Crypto Exchange

Bantotal, a banking service based in Uruguay with over 60 banking clients, has recently started a partnership with Bitex, a crypto exchange. With this partnership, the bank will help banking institutions to make cross-border payments using the Bitcoin network.

According to Bitex’s CMO Manuel Beaudroit, the integration will be a major step for banking in the region and will help to connect these institutions in a way that is more efficient than traditional methods such as SWIFT.

With this new tech, the banks will be able to access Bitex’s API and transmit money quickly to banks in the region. According to the company, these payments are five times cheaper and much faster than other methods. Before now, payments can take up to 96 hours, Bitex cuts that time in more than half.

Bitex is basically the middleman of the transactions. The banks route the payments via the company and do not have to worry about most of the specifics. This can also be interesting for banking companies because they no longer need to acquire foreign fiat currency. They can just use Bitcoin instead.

This initiative is seen by local investors as a great way to expose the market to the benefits of the blockchain. While Europe, the U. S. and Asia are already using the technology extensively, some countries are still behind the times and this solution can help to modernize their business model.

According to Santiago Siri, an expert in digital governance who works as an advisor to Bitex, using Bitcoin to be connected internationally is still not something common in Latin America, but with initiatives such as this one, it may well be in the future.

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Author: Lorraine Mburu

Personal Crypto Finance App Aximetria Gets License From Swiss Regulator VQF

Crypto-Finance-App-Aximetria-Gets-License-From-Swiss-Regulator

Aximetria is offering a new app for its clients, a personal finance application that is focused on crypto as well as fiat. Now, the company has just received a license from the Swiss Financial Services Standards Association.

According to Coindesk, which reported on this story, the company was officially recognized by the local Financial Market Supervisory Authority (FINMA). This means that the product offered by Aximetria is fully compliant with the laws from the country. Because of this, the company can now start its own crypto operations without depending on other intermediaries.

The organizations are responsible for dealing with money laundering in the country and terrorism financing. Because of this, they only give the license to companies that have proven that they will not facilitate any kind of illegal activity.

Aximetria’s CEO Alexey Ermakov has affirmed that the Swiss license is one of the most desirable licenses for a fintech company. According to him, this is because Switzerland is a country with several businesses. This gives the company access to a whole world that includes money loans, forex trading, e-money and much more.

The app created by the company will somewhat similar to TransferWise. The main difference is that it will let people use crypto instead of fiat in order to make international payments. There are three fiat currencies supported right now: the dollar (USD), euro (EUR) and the Japanese yen (JPY), as well as many different cryptos (including most of the popular ones).

In order to be a client of the company, someone needs to pass a rigorous Know Your Customer (KYC) procure first. If the person is not whitelisted, it cannot send or receive any token at all.

Now that the company is regulated, the work is just beginning. According to the CEO, now is the time to upgrade several processes in order to boost compliance and continue to offer great services for the clients. This could enable the company to score a fintech license in the future.

Ermakov also affirmed that the company was started with a sandbox model and then they started to find the business model that could perfectly fit the needs of the company. The company believes that being compliant with regulation is the best step to continue growing without problems.

He also talked about how getting the Swiss license was ideal in order to reach more European customers and affirmed that the company is also focusing on other continents such as Latin America, Asia, and Africa.

For instance, the app of the company was recently launched in Portuguese and Spanish in order to cater to countries in Latin America such as Brazil and Argentina.

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Author: Gabriel Machado

Tesla Reigns Supreme as Abra’s Bitcoin-Based Stock Trading Heats Up

Tesla Reigns Supreme as Abra’s Bitcoin-Based Stock Trading Heats Up

Barely a month after launching a crypto trading app for its global clients, Abra is back with lots of eye-opening information. The investment firm has been busy collecting reviews and responses to its Bitcoin-powered stock and ETF site. And the outcome so far is positive, highlighting a massive demand for timely and affordable investment solutions.

Exclusively Serves Traders Located Outside the US

The whole concept Abra employ for its non-US based clients is simple and super-effective. First, the firm opted for Bitcoin when trading stock and ETF trading. It then embarked on launching the app, ensuring it goes live in more than 150 countries.

Since rolling it out, the investment company has immensely eased the overall stock trading procedure. It has also decentralized how financial services could be accessed while bringing on board active users in more than 82 countries.

Interestingly, the app enables its users to invest in popular traditional stocks, including that of Tesla, Uber, Facebook, and Alibaba, besides going for ETFs such as gold SPDR. They do this conveniently and off their smartphones using Bitcoin.

Abra, excited by the findings, couldn’t remain silent about them. The firm’s Twitter outlet posted a series of tweets on how the app had faired on after a month’s use by traders from across the world. The tweets told the whole journey, from Abra launching Bitcoin-based stock and ETF investing for its non-US based traders.

Everything aside, the whole service now highlights how Bitcoin can help bypass borders while allowing crypto traders to markets that are geographically impossible to reach. According to Abra, 43% of its client base said that BTC had eased the overall process of investing in financial markets. A further 35% said they now invest in all popular stocks without breaking a sweat.

Speaking to BitcoinMagazine, the platform’s founder and CEO, Bill Barhydt, was equally elated by the findings. He spoke of how they launched their wait-list in February, but had to wait till May before rolling out the app for their international clients. Yet, despite the app going live for such a short time had it reached about 14,000 equity wallets.

From the Statistics, Millennials love Tesla

According to the survey, the most sought after stock among investors using the app is Tesla. The Global Investor Insights further reported that the world is crazy over tech and immensely loves Tesla, as evidenced by the firm’s findings. Generally, the statistics revealed that any medium investment in Tesla was comparatively higher, unlike investing the same in a different platform.

The phenomenon, according to Barhydt, is because of the vast millennial investors. He added that the whole scenario was a testament to their vibrancy in investing in whatever they believed on. The project that Elon Musk is creating clearly endears many millennial’s to Tesla’s stocks.

Five countries where Tesla is trending hot, according to the statistics are his birthplace; South Africa, Argentina, France, the Philippines, and Austria. Besides Tesla, top ranking stocks include e-commerce giants Amazon and Alibaba as well as tech behemoths Apple and Google.

Ultimately, the findings highlight what many probably see across the world; preference for tech stocks.

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Author: Lillian Peter