TruBit Reinvents Cross-Border Payments with the Launch of TruBit Business
May 21 2024 - 8:00AM
Business Wire
- TruBit launched TruBit Business, which streamlines cross-border
payments in LATAM, processing $100 million monthly and enhancing
business operations across economic regions in Latin America and
beyond.
Cross-border payments significantly impact the economy and the
well-being of millions worldwide. In 2023, according to the World
Bank, formal remittances to LATAM reached $156 billion. However,
they face major challenges such as high fees, a lack of digital
infrastructure, and restrictive regulations. These problems reduce
the efficiency and security of transfers, creating a critical need
for technological innovations that simplify and reduce costs.
As a result, TruBit, the most comprehensive virtual assets
ecosystem in the region, developed TruBit Business, a financial
solution designed to facilitate cross-border payments in LATAM.
This initiative promises to revolutionize the market by offering
tools focusing on regulatory compliance, security, and
transparency.
"We are excited to publicly launch this new solution. It expands
our product portfolio and reinforces our commitment to innovation
and supporting Latin America's growth," states Hongyi Tang, LATAM
Regional Manager for TruBit. "With this tool, cross-border payments
can be managed more efficiently, leveraging blockchain technology
and eliminating many traditional barriers," Tang emphasizes.
Launched in the last quarter of 2023, TruBit Business is
available to all needing global payment solutions. The platform
processes over $100 million monthly, with key financial
destinations including the Asia Pacific corridor, Mexico, Brazil,
Argentina, and USA.
TruBit seeks to strengthen its position in the Latin American
market and contribute to the region's economic development by
facilitating trade and investment across borders, as it is a global
solution where the market exceeds $439 billion according to the
study "The Future of Remittances in Latin America" by
Mastercard.
"TruBit Business positions itself as a key piece in the new
economy, offering a safe alternative that expands economic
opportunities in Latin America. The disruption of virtual assets
marks a significant change in cross-border payments, promoting
greater efficiency, cost reduction, and increased financial
inclusion," concludes Tang.
About TruBit
TruBit, established in LATAM in 2019, has evolved into a global
crypto ecosystem. Catering to both enthusiasts and regular users,
it offers a user-friendly wallet, a Mastercard prepaid card, and
TruBit Pro for spot and contract trading. Initially a pioneer in
compliant fiat on-and-off ramp services in Mexico, Argentina, and
Brazil, TruBit now extends its trading, remittance, and
cross-border payment services worldwide.
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