fbpx

This post is also available in: Español (Spanish)

Mexican cryptoexchange Bitrus launches e-wallet to support unbanked population

This post is also available in: Español (Spanish)

Contxto – As fintechs continue to emerge across the region, waiting in line at banks progressively becomes more archaic. Validating this is the Mexican startup Bitrus that recently launched its e-wallet to support the unbanked population.

According to reports, users can open their e-wallet accounts in under three minutes. From there, they can anticipate sending both national and international wire transfers. They’ll also be able to pay for various services, such as water, electricity, and why not, Netflix, too.

All the while, Bitrus intends to support the millions of Mexicans who don’t have traditional bank accounts.

“We want people to forget about going to banks,” said Bitrus co-founder, Isaac Kohab. “Our target market is those people who don’t have a bank account. We want to promote financial inclusion. There are around 50 million Mexicans who don’t have a bank account, but they do have a smartphone, so we want to reach out to them.”

As far as projections go, the startup expects to reach 500,000 Mexican users, not to mention 500,000 internationally within a year.

Likewise, Bitrus co-founder and CEO, Alberto Djemal, hopes that Bitrus will be used in the future for sending remittances. A big payment need in the Mexican market considering the number of countrymen living abroad.

E-wallet and crypto trade

For Djemal, what sets his fintech apart is the fact that Bitrus now offers two platforms to satisfy two types of customers. One is for users simply looking to complete payments and basic bank maneuvers. With Bitrus Exchange, the other is aimed at investors interested in trading cryptocurrencies and virtual assets.

“On one hand, we have a trade that’s 100 percent in the Bahamas dedicated to cryptocurrencies and it’s a platform that serves to buy and sell,” explained Djemal.

“On the other, we have traditional banking, which consists of a wallet for handling Mexican pesos. With this, it also serves to pay services such as gas, electricity and even the phone bill.”

-ML

Mariana López
Eager learner and fervent asker of existential questions. My topic darlings are startup management, edtech and all things pop-culture. If you don't see me smiling, I'm probably just hungry. J Balvin is Latin America's best reggaetonero and I dare you to convince me otherwise.

Must Read!

Many of SoftBank's portfolio companies are restructuring to achieve profitability in the long term.

Loggi, a SoftBank portfolio startup, lays off 120 employees

0
Contxto - Unicorn Loggi just isn’t catching a break these days. The last-mile delivery startup lost a lawsuit last December for which...