As a researcher with a keen interest in fintech and blockchain technology, I find this partnership between Felix and Zero Hash particularly exciting. Having witnessed the challenges faced by migrant communities when sending remittances back home, it’s heartening to see solutions like these that leverage modern technology to simplify the process.
Partnering with Zero Hash, the WhatsApp platform specializing in international money transfers, aims to streamline remittances for approximately 60 million Latino residents in the United States.
As reported in an announcement viewed at crypto.news, this collaboration allows for immediate money transfers through WhatsApp, facilitated by the stablecoin system supervised by Zero Hash – a company known for its crypto and stablecoin tech, which is additionally employed by Stripe and Interactive Brokers.
According to the announcement, it’s estimated that U.S. Latinos collectively transfer approximately $150 billion annually to their home countries. Felix’s service simplifies the process of sending money, working seamlessly with WhatsApp, and avoiding the high charges and lengthy delays associated with conventional remittance services.
Stablecoin use
Through the use of stablecoins, digital currencies that have a fixed value linked to traditional money, Felix offers a streamlined method for transferring funds across international borders, eliminating the need for users to handle cryptocurrency themselves.
With Zero Hash’s infrastructure handling all necessary regulatory compliance and back-end operations, it facilitates the conversion of U.S. dollars into the stablecoin USDC (USD Coin). This allows for effortless cross-border transfers that can be easily converted to local currency for international recipients.
Lately, the forecasting platform Kalshi has teamed up with Zero Hash, allowing users to deposit funds using USD Coin for quicker transactions.
By the end of Q3 2024, the total value of stablecoins soared to a record-breaking $169.8 billion, fueled by increased usage and clearer regulations stemming from the European Union’s fresh cryptocurrency guidelines.
According to Anthony Pompliano, it’s possible that stablecoins might serve as the main currency in an automated economy, as daily transaction values approach a staggering $20 trillion.
After its debut, Felix has experienced a staggering 500-fold increase in transaction volume, highlighting the need for user-friendly, affordable remittance solutions. On the other hand, Zero Hash serves 65 different platforms on 22 various blockchains and has handled over $20 billion worth of transactions.
The collaboration mirrors Zero Hash’s strategy of making blockchain technology practical for users who don’t need specialized knowledge, emphasizing that the growth of cryptocurrency usage is enhanced when it functions seamlessly in the background.
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2024-10-30 18:12