Peer-to-peer payments company Circle has announced the launch of a new platform called Bitso Shift. The new platform, according to a blog post, is developed with Bitso, a cryptocurrency exchange in Latin America. Circle says Bitso Shift simplifies payments for Mexican residents between the US and Mexico.
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Bitso Shift is based on Circle's payment infrastructure that allows users to complete deposits and withdrawals via domestic wire transfers, and convert between Mexican Pesos (MXN) and supported stablecoins. Wire transfers to Bitso Shift are processed in 24 to 48 hours through regulated institutions. However, it remains unclear what banks are processing the transfers.
Bitso's partnership with Circle comes after the exchange raised $250 million in Series C funding round, led by Tiger Global and Coatue. The investment brought the company's total valuation up to $2.2 billion. Pantera Capital, Paradigm, BOND & Valor Capital Group, QED, and Kaszek also participated in the round.
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