BitNexo Winner of International Fintech Innovation Contest Organized by BBVA Bank
Cross-border payment platform BitNexo has been selected winner 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, securely and with fair and transparent exchange rates. SMBs can pay and receive payment in their home currency and banking system. The team was selected winner of the BBVA Open Talent 2015 competition for Latin America, final held in Mexico City last Friday, September 10th, where 16 finalists presented their startups from more than 200 initial applicants. The prize is 30,000 euros and two week immersion in financial innovation in London and Mexico City.
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 use 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.
About BitNexo
BitNexo has offices in Santiago de Chile and Shanghai, also operates in Mexico and plans to expand into the Philippines and Spain during 2015. In June, the company was chosen as the "Best seed stage company" by Seedstars World in Shanghai. BitNexo was founded in Santiago de Chile in February 2015 by three entrepreneurs: 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, CTO Héctor García, entrepreneur with more than 15 years of experience, and CCO Javier Salcedo, innovation and cryptocurrencies consultant.
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