Banking And Blockchain Adoption: 60 Banks In 14 Countries Are Joining BTC-Based Cross-Border Payments Network
Crypto and the blockchain tech adoption continues. This was one of the biggest goals in 2019 and there have been a lot of significant movements made in the crypto space that are leading towards this massive achievement.
There’s a new partnership that will allow banks to make cross-border payments on the Bitcoin blockchain.
Bitex and Bantotal are launching this initiative
The Daily Hodl has just reported that Crypto exchange Bitex and Bantotal, one of the biggest banking providers in Latin America, are launching this amazing initiative.
Bitex will be serving as a crypto bridge for financial institutions and it will be allowing them to convert payments that are made in fiat currencies to Bitcoin and then back to fiat again.
When users are using Bitex’s services, they will be able to complete the transactions without having to perform several fiat-to-fiat conversions.
The breakthrough on blockchain tech in banking
Manuel Beaudroit, Bitex’s chief marketing officer, talked about this to CoinDesk and said the following:
“If I want to do a payment from Argentina to Chile, I don’t need to buy dollars with the Argentinian pesos then transfer the dollars to the U.S. then move the dollars to Chile and exchange them into Chilean pesos. I can just send a payment from Argentina to Chile directly [using Bitcoin]…”
He concluded by saying that “The integration of Bitex into Bantotal program represents a major step in the breakthrough of blockchain technology in banking.”
Sebastián Olivera, founder of the Uruguayan Fintech Chamber, also had a few words to say about the issue:
“Bantotal is one of the biggest banking providers in Latin America and is a huge player not just in Latin American but the greater Pacific… Bitex provides a great solution for payments and they will be boosted by the structure and name of Bantotal.”
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.