Cross-border payments significantly impact the economy and the well-being of millions worldwide. In 2023, according to the World Bank, formal remittances to LATAM reached $156 billion. However, they face major challenges such as high fees, a lack of digital infrastructure, and restrictive regulations. These problems reduce the efficiency and security of transfers, creating a critical need for technological innovations that simplify and reduce costs.
As a result, TruBit, the most comprehensive virtual assets ecosystem in the region, developed TruBit Business, a financial solution designed to facilitate cross-border payments in LATAM. This initiative promises to revolutionize the market by offering tools focusing on regulatory compliance, security, and transparency.
“We are excited to publicly launch this new solution. It expands our product portfolio and reinforces our commitment to innovation and supporting Latin America’s growth,” states Hongyi Tang, LATAM Regional Manager for TruBit. “With this tool, cross-border payments can be managed more efficiently, leveraging blockchain technology and eliminating many traditional barriers,” Tang emphasizes.
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Launched in the last quarter of 2023, TruBit Business is available to all needing global payment solutions. The platform processes over $100 million monthly, with key financial destinations including the Asia Pacific corridor, Mexico, Brazil, Argentina, and USA.
TruBit seeks to strengthen its position in the Latin American market and contribute to the region’s economic development by facilitating trade and investment across borders, as it is a global solution where the market exceeds $439 billion according to the study “The Future of Remittances in Latin America” by Mastercard.
“TruBit Business positions itself as a key piece in the new economy, offering a safe alternative that expands economic opportunities in Latin America. The disruption of virtual assets marks a significant change in cross-border payments, promoting greater efficiency, cost reduction, and increased financial inclusion,” concludes Tang.
SOURCE: Businesswire