Bitso, a leading Latin American crypto exchange, has integrated crypto payment specialist Stellar's Anchor Network to expand the payments corridor between Latin America and the rest of the world.

The company said in a statement that it developed a solution in partnership with the Stellar Development Foundation to enable businesses around the world to transact in USDC to Argentina, Colombia and Mexico, where Bitso has a direct connection to local banking systems.

“In recent years, we have seen an increase in cross-border payments globally for both international commerce and remittances. By leveraging blockchain technology and crypto assets, we can significantly improve settlement times and overall costs,” Santiago Alvarado, SVP of Institutional Product at Bitso, said in the statement.

Bitso said it processed $3.3 billion in transactions between Mexico and the U.S., while it registered a 32% increase in total international transfers during the second half of 2022.