Last year, according to The World Bank’s estimates, more than USD $483 billion was sent internationally through official remittance channels with the bulk of that—$351B —going to developing countries like Mexico. The global average cost of sending remittances is calculated at 9.3 percent of the value of the transaction: this would equate to a current global market of just under $50 billion this year.
Remittances are critical for the Mexican and most Latin American economies, with Mexico being the largest remittances corridor in the world. Mexicans living in the U.S. send almost $22 billion a year to their country. According to data from Bank of Mexico, after oil, remittances and tourism are the country’s most important sources of income.
Bitso.com, the first Mexican Bitcoin exchange, will facilitate the use of Bitcoin as a mechanism for substancially improving the efficiency of this vast economic flow by significantly decreasing the costs and increasing the speed of transactions.