Bithumb and Bitpay Partner Up For Remittance Facilitation

It cannot be denied that the remittance industry is currently worth billions dollars. However, many claim that there are plenty of flaws in this system of money transfer. To hopefully “fix” these problems, Bithumb and Bitpay have formed a powerful alliance which will facilitate remittances. With their proposed solution, it is expected that the remittance industry will reap great benefits with the help of blockchain technology.
According to reports, Sonny Singh, the chief commercial officer at Bitpay has dropped hints that suggest that the firm will process roughly $4 billion worth of bitcoin transactions this year. Singh also emphasized that the crypto payment facilitator’s primary goal for this year is to make bitcoin more accessible to the masses by assisting big retailers in incorporating digital currencies as a payment method.
In an interview with CNBC, he said that the bitcoin payment processing company’s partnership with the big time crypto exchange is in a bid to power the $200 billion remittance market by processing payments coming from South Korea to Western countries and vice versa.
A major benefit that can derived from this is that getting on the blockchain will make the remittance process more secure and quicker compared to its current state.
As for Bithumb and Bitpay, this partnership will be beneficial for both parties involved as they will both make approximately billions of dollars in transaction charges.

Related posts
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTETFNewsxbtusd

Bitcoin May Never Go Below $50k Once An ETF Is Approved, Declares On-Chain Analyst

Bitcoin may never drop below $50k asserts on-chain analyst Ki-Young Ju. But as usual, there are conditions that follow this possibility. In a tweet, Ju analyzed that Bitcoin could follow the same path that gold took in 2004 when the first…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Quarterback Star Tom Brady Breaks Internet After Showing Interest In Bitcoin

Tom Brady, the American athlete who is widely regarded as the “greatest” quarterback in NFL history is the latest celebrity to show interest in the world’s most valued cryptocurrency Bitcoin. Brady who has a massive Twitter following of 1.9 million…
BitcoinBitcoin NewsbtcusdBTCUSDCBTCUSDTNewsxbtusd

Almost $200 Billion Worth Of Bitcoin Is Currently At Risk – Report Warns

A recently published 2021 crypto report by Opimas LLC, a finance-based management consultancy firm, has revealed that approximately 3,480,000 out of the world’s mined 18.5 million Bitcoin, stands vulnerable to attacks as a result of improper safekeeping. The 36-page report…