Vesto’s powerful digital asset infrastructure for businesses, today announced that it has partnered with Latamex (part of Settle Network company), a fiat-crypto gateway into Latin America, namely Mexico, Brazil and Argentina.
The partnership provides additional financial services for Vesto customers, allowing them to earn rewards and transact more cost-efficiently on the protocol, in addition to reducing transaction fees and time in the remittance sector. Remittance is a key use case, particularly from the U.S. to Mexico, which reached a record $51.6 billion in 2021, according to the Wilson Center. Beyond remittances, there is also a growing need for mobile money and other financial solutions to aid the unbanked.
“We offer low-cost banking and financial services to all individuals, and the increase in velocity of crypto adoption in LatAm presents a ripe opportunity,” said Christopher McGregor, Vesto CEO. “Thanks to the integration with Latamex, users will enjoy much-improved experiences in crypto-to-fiat conversion and payment processing.”
“Latamex is the first fiat-crypto gateway for LatAm and our liquidity and compliance features afford Vesto speed to market,” said Jack Saracco, Head of Business Development and Partnerships at Latamex. “We are pleased to partner to facilitate access to crypto and its related benefits, especially as inflation and debased local currencies increase demand for stablecoins and cryptocurrencies.”
Today, currency conversions and fees eat into about 6%-7% of the total amount sent in remittances. Combined with the cost of converting from check into cash and dubious conversion rates on the receiver’s end, that could end up doubling, presenting a sizable loss from the original remittance figure.
“The benefits of a more affordable, efficient and transparent remittance process are far reaching. Remittance is a lifeline for many, and will have a knock-on effect as recipients retain more of the hard earned money to spend in their local markets,” says Oscar Marquez-Mees, Vesto’s Managing Director of Latin America.
Vesto’s protocol and user-friendly app provide instant low-fee remittance, easy digital onboarding, no minimum deposit, instant liquidity, insurance options, secure wallet services and the ability to link to any existing online bank account.
About Vesto
Vesto is ushering in a new era for finance by making participation in the evolving digital asset ecosystem secure and user-friendly. Vesto delivers an end-to-end solution that allows clients to leverage crypto services via an agile, scalable, and compliant protocol (as a white label service). Its services provide access to the most advanced crypto banking, transaction, and yield generation offerings available. Follow Vesto on Twitter, LinkedIn and at vesto.io
About Latamex
Latamex is the largest fiat-crypto gateway into Latin America allowing its users and global partners to buy cryptocurrencies and stablecoins in local currencies. Latamex aims to make the fiat-crypto transition in LatAm frictionless and accessible to all. Follow Latamex on Twitter, Linkedin, and Latamex.com.
