How BVNK & Bitso are Driving Global Stablecoin Expansion
Customers of Bitso Business can now send and receive international payments seamlessly, thanks to crypto powered payment structure from BVNK.
Infrastructure provider BVNK is a globally licensed platform that operates on stablecoin, currently used to expedite cross-border and network payments.
The symbiotic relationship sees Bitso Business’ local payments infrastructure used by BVNK’s clients in new markets such as Latin America (LATAM) and Europe for payouts.
BVNK’s platform, powered by stablecoin, will be used by Bitso Business, a B2B branch of Bitso, to enable companies to make seamless international transfers.
The partnership aims to increase availability of stablecoin across markets in Europe and Latin America. Jonathan Lavieri, Managing Director, LATAM at BVNK, says: “Bitso Business is making it dramatically easier for businesses in Latin America to make international transfers and access those funds nearly instantly.”
Customers using Bitso Business will be able to use virtual accounts provided by BVNK for incoming international transactions, in addition to a wallet infrastructure that offers immediate credit balances.
“We’re proud to provide the infrastructure that powers that experience, and excited to benefit from their best-in-class local payments infrastructure to enable BVNK clients to receive payments in Latin America.” Jonathan adds.
Stablecoin and global flexibility
Under the partnership, customers using Bitso Business won’t need an international bank account to send or receive global currency from partners, platforms or clients.
Working capital, settled in stablecoin, will be available to withdraw, use or convert locally through infrastructure provided by Bitso Business. The platform allows flexibility for access to local currencies.
Our mission has always been to make financial services more efficient and accessible across Latin America.
The agreement also sees real-time conversions from local currency to stablecoins automatically.
Available from within the Bitso Business platform, customers can gain access to SEPA infrastructure to enable transfers within Europe.
The collaboration aims to meet market needs for clients across LATAM and Europe who rely on international transactions from countries that use SEPA payments and international wires. Nano Rodriguez, Head of Strategic Alliance at Bitso, comments: “Our mission has always been to make financial services more efficient and accessible across Latin America.
“We're proud to help empower BVNK clients to access the Latin America market with efficient, safe and compliant local payments solutions, and happy to embed BVNK’s stablecoin infrastructure to give our clients a faster, simpler way to make international transfers.”
The new capability simplifies sending money by removing complexities such as multiple banks, counterparts and currencies, resulting in faster cashflow.
BVNK’s global expansion
BVNK’s latest partnership follows the expansion of its capabilities earlier this year. Introducing Smart Treasury, which was launched to automate stablecoin liquidity operations in real-time.
Powered by artificial intelligence (AI), the feature restructures current treasury frameworks by automating processes such as fund redistribution, management of withdrawal flows and rebalancing gas wallets.
Liquidity requirements are predicted by machine learning technology, which generates insights and actions based on past behaviour and market insights.
Stablecoin partnerships in the US market
BVNK recently announced that its platform will support US-wide use of stablecoin.
Available in all 50 US States, the platform has paired with regulated Trust and qualified custodian Paxos to support US users of stablecoin. BVNK is currently the only full-stack provider in the stablecoins space.
BVNK is well-positioned to serve the US market after announcing partnerships with Worldpay and Flymarket, earlier this year in addition to backing from Visa and Coinbase Ventures.