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Bitso integrates Bitwage into exchange to offer payroll services to Mexicans

Mexican startup Bitso which operates a bitcoin exchange has added a new feature which they hope will enable Mexican freelancers and anyone that works internationally and lives in Mexico to receive their payments using a new integration with Bitwage.

Bitwage helps workers receive their wages in flexible distributions in bitcoin and also local currencies. By using bitcoin, Bitwage is able to reduce payroll costs, transfer fees and times. This integration allows businesses to make payments for services via bank transfers in another country while receiving payments in Mexican pesos to a local account.

The integration looks to attract more Mexican users including businesses and larger value clients to the exchange. Bitso received $1.8 million in investment capital in April with the goal of expanding their remittance business. Mexico’s remittance alone per month is a $2 billion industry, and as many know already using bitcoin as a means to transfer value globally for pennies and nearly-instantly, is a huge attraction. Bitso also launched a new API library for iOS earlier this month.

Around the world bitcoin exchanges are growing quickly, in particular in Mexico there are other bitcoin exchanges that are trying to bring on the same customer base, for example MexBT, Volabit, and others.

As part of the integration announcement, Bitso and Bitwage are offering $5.00 for each user to sign up for a Bitwage account.

Tags in this story
bitcoin exchanges, Bitso, bitwage, Mexico, Payroll
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David Shares

David is a writer, researcher, and developer who is passionate about bitcoin and blockchain. He writes for Bitcoin.com, Blockchain.com, and is the founder of Bitcoinx.io (which was acquired by Bitcoin.com). David previously used to write and curate for Myspace and has worked in the fintech and payments space for over 15 years.