Bitex.la, a bitcoin exchange and More Money Transfers (MMT), a Latin American remittances company, have collaborated to offer users fiat-to-bitcoin deposit services all over Latin America.
"Remittance companies, which belong to the traditional ecosystem, are being threatened by bitcoin," said Manu Beaudroit, Bitex chief marketing officer while speaking to CoinDesk. "With this alliance they are embracing the future of how money is going to be transmitted."
First, customers need to register with the exchange. They will then receive a personal code, which can be used in any MMT office, for depositing funds into their accounts. The users can also use this service to receive funds directly in bitcoin.
Currently, the service is accessible in a only in few cities but will be available in over 240 Latin American cities shortly.
"For Latin America this is huge because it means that there's no need for a bank to operate with bitcoin," Beaudroit added.
