Felix, a WhatsApp-based platform focused on cross-border payments, has partnered with Zero Hash to simplify money transfers for 60 million U.S.-based Latin Americans.
According to a press release seen by crypto.news, the partnership will allow users to use stablecoin infrastructure managed by Zero Hash, a provider of cryptocurrency and stablecoin technology that is also used by Stripe and Interactive Brokers. You will be able to send funds instantly via WhatsApp.
According to the announcement, U.S.-based Latinos collectively send $150 billion back to their home countries each year. Felix’s service is integrated with WhatsApp, providing a streamlined way to send money without the high fees and slow transfer times associated with traditional money transfer methods.
Using stablecoins
Felix provides an efficient way for users to send money internationally without having to interact with cryptocurrencies directly by using stablecoins, digital assets that maintain a stable value associated with fiat currencies. I will.
Zero Hash’s infrastructure manages all regulatory compliance and back-end operations, converting US dollars into the stablecoin USD Coin (USDC) and allowing overseas recipients to transfer seamlessly into their local currencies.
Recently, prediction platform Kalshi partnered with Zero Hash to allow users to fund their accounts with USD Coin, allowing for faster deposits.
In the third quarter of 2024, stablecoin market capitalization reached an all-time high of approximately $170 billion due to the introduction of new EU cryptocurrency rules and regulatory clarity.
Anthony Pompliano recently suggested that stablecoins could become the primary vehicle for a machine-driven economy, with transaction volumes approaching $20 trillion since the start of the year.
Felix has seen a 500x increase in transaction volumes since launch, highlighting the demand for accessible and cost-effective money transfer options. Zero Hash, on the other hand, supports 65 platforms across 22 blockchains and has processed over $20 billion in transactions.
This partnership is consistent with Zero Hash’s approach to making blockchain technology effective without requiring user expertise, and emphasizes that cryptocurrency adoption grows by working behind the scenes. I am.
