Felix, a WhatsApp-based platform centered on cross-border funds, has teamed up with Zero Hash to simplify remittances for 60 million U.S.-based Latinos.
Based on a press launch seen by crypto.information, the partnership permits customers to ship funds immediately through WhatsApp, utilizing stablecoin infrastructure managed by Zero Hash, a supplier of crypto and stablecoin expertise additionally utilized by Stripe and Interactive Brokers.
Per the discharge, U.S.-based Latinos collectively ship $150 billion again to their properties every year. Felix’s service integrates with WhatsApp, providing a streamlined strategy to ship cash with out the excessive charges and gradual switch instances typical of conventional remittance strategies.
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Stablecoin use
Through the use of stablecoins — digital property that preserve a steady worth tied to fiat foreign money — Felix offers an environment friendly strategy to ship cash internationally with out requiring customers to work together straight with cryptocurrency.
Zero Hash’s infrastructure manages all regulatory compliance and backend operations, changing U.S. {dollars} to stablecoin USD Coin (USDC) and enabling seamless transfers to native foreign money for recipients overseas.
Not too long ago, the predictions platform Kalshi partnered with Zero Hash to let customers fund accounts with USD Coin, enabling quicker deposits.
Within the third quarter of 2024, stablecoin market capitalization reached an all-time excessive of practically $170 billion, pushed by adoption and regulatory readability from the EU’s new crypto guidelines.
Anthony Pompliano just lately urged that stablecoins might turn into the first medium in a machine-driven financial system as transaction volumes neared $20 trillion year-to-date.
Since its launch, Felix has seen a 500 instances development in transaction quantity, underscoring the demand for accessible, cost-effective remittance choices. Zero Hash, in the meantime, helps 65 platforms throughout 22 blockchains and has processed over $20 billion in transactions.
The partnership aligns with Zero Hash’s strategy to creating blockchain expertise efficient with out requiring person experience, highlighting that crypto adoption grows when it operates behind the scenes.
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