BitNexo Aims to Revolutionize Cross-Border Payment for SMBs with Bitcoin Technology
Cross-border payment platform BitNexo has been selected as a finalist in the BBVA Open Talent 2015 contest, for the Latin American region. BitNexo offers a bitcoin-based platform for Asia-Latam payments, where users don't need to understand the underlying blockchain technology.
Small and medium businesses account for $2 trillion in cross border commerce each year, yet pay the highest transfer fees compared to larger institutions. SMBs often lack access to advanced financial tools, and pay their expenses in their home currencies. This means that when they send transfers to pay for goods they may pay multiple currency conversions, sending and receiving fees, and intermediary bank fees.
BitNexo is a web platform and software provider that helps cross-border SMB commerce providers pay for goods and services between Asia and Latin America quickly and securely, and with low fees by using blockchain technology. SMBs can pay and receive payment in their home currency and banking system. The company’s initial customers operate between Asia and Latin America, where the team was recently named a finalist for BBVA Open Innovation competition for the Latin American region, and will be competing for top prize in Mexico City in September.
Bitcoin is a unique solution to cross-border commerce as both a transaction medium and an underlying asset which insures cross-border value transfer. However, the technology has suffered from slow adoption and poor public perception. BitNexo breaks down the barriers to bitcoin by managing the technological and financial knowhow to offer a simple solution to cross border SMBs so a company can pay its overseas provider using its home currency and banking system. The customers never have to purchase, store, or manage bitcoin.
BitNexo
BitNexo was formed in February, 2015 and currently operates in Shanghai, and Santiago, Chile. The company begins pilots for Mexico and the Philippines in August. The company was chosen as the best seed stage company in Shanghai in June by Seedstars World. BitNexo was founded by CEO Darren Camas, who helped launch and run one of the world’s first global Bitcoin exchanges, TradeHill, and was later partner of CompraBitcoin, a pan-LatAm fixed rate exchange.
BitNexo: https://www.bitnexo.com/
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