A remittance is a payment document, such as a bank draft, check, money transfer, etc., which is made in a foreign currency. Remittances are delivered to a debtor or remitter in his/her national currency by the third party and then are sent to the foreign creditor to pay arrears. With the appearance of digital cryptocurrency, such as Bitcoin — now functioning as a third, independent currency — the era of the remittances industry, including other kinds of international money transfers, has reached a turning point. By using modern technological systems, it is easy to convert money into any possible fiat currency with Bitcoin without even leaving home. Also, virtual transactions prevent robbery, loss or damage of money and provide quite fast confirmations.
On stage at AfroBitcoin, Strike CEO Jack Mallers announced plans to improve remittance payments into Africa thanks to Bitcoin’s Lightning Network.
Strike partners with Bitnob to facilitate cross-border payments into Africa
From one Candian coffee shop to a worldwide network of nearly 39,000, crypto ATMs have turned nine years old and are only expected to continue growing.
9 years after the first Bitcoin ATM, there are now 38,804 globally
High transaction fees stand in the way of crypto achieving its full potential and being embraced by the masses — but it is possible to make transfers for free.
Why the battle for low or no transaction fees really matters
Trademark applications seem to hint at an asset and commodities exchange, insurance, and Western Union’s own token as it faces increasingly diverse competition ...
Western Union may be planning to expand its digital offerings far beyond remittances
The Latin American region now makes up for a 9.1% share of the global crypto value received in 2022 with remittances and high inflation the highest drivers of a...
Remittances drive ‘uneven, but swift’ crypto adoption in Latin America
Mexico has a burgeoning crypto remittance market that has immense potential.
Why crypto remittance companies are flocking to Mexico
Vietnam has the highest crypto adoption rate in the world. There are numerous factors driving the trend.
Vietnam’s crypto adoption: Factors driving growth in Southeast Asia