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.
In accordance with a press launch seen by crypto.information, the partnership permits customers to ship funds immediately by way of WhatsApp, utilizing stablecoin infrastructure managed by Zero Hash, a supplier of crypto and stablecoin know-how 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 solution to ship cash with out the excessive charges and sluggish switch occasions typical of conventional remittance strategies.
Stablecoin use
Through the use of stablecoins — digital belongings that preserve a secure worth tied to fiat forex — Felix offers an environment friendly solution to ship cash internationally with out requiring customers to work together immediately 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 forex for recipients overseas.
Just lately, the predictions platform Kalshi partnered with Zero Hash to let customers fund accounts with USD Coin, enabling sooner deposits.
Within the third quarter of 2024, stablecoin market capitalization reached an all-time excessive of almost $170 billion, pushed by adoption and regulatory readability from the EU’s new crypto guidelines.
Anthony Pompliano just lately urged that stablecoins might grow to be the first medium in a machine-driven economic system as transaction volumes neared $20 trillion year-to-date.
Since its launch, Felix has seen a 500 occasions progress 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 method to creating blockchain know-how efficient with out requiring person experience, highlighting that crypto adoption grows when it operates behind the scenes.
