Algorand and Bnext join forces to revolutionize the remittances market in Europe and Latam. During 2020, Latam received more than 100bn USD and Spain sent more than 18bn USD, with Latin America receiving most of the remittances sent by Spain.
Bnext will take advantage of Algorand's high performing and cost effective blockchain infrastructure to make transactions extremely convenient and accessible, even compared to other fintech services.
The offering is based on more efficient and secure remittances, as all the operations are made possible on Algorand's public blockchain and carried out by Bnext and its commercial partners This includes Bitso, who will provide all the regulatory and exchange requirements so that the user experience for those sending and receiving funds is simple and instant.
The money will be transferred between Bnext users, even if they are in different countries, and will be faster and more secure than it is today to send money between Bnext users in Spain or in Latin America.
Bnext is the most powerful Marketplace of financial services in Spain and one of the most prominent in Latin America, with more that 700,000 users and a rapidly accelerating user base.
Algorand is a blockchain company that builds technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and exchange of value. With more than 500 global companies using their technology, 4.5 million assets issued on chain, and over 11 million accounts, the market cap of the Algo, the native currency of the platform, is over 3bn USD.
Working together, Algorand and Bnext anticipate processing more than 100m USD of remittances in the next 12 months, in an initial phase, prior to formally launching the product throughout Latam and Europe.
"This alliance is the first step to expand inclusive financial product offerings that are convenient and recurrent to immigrants that have been exploited by traditional remittance companies. Bnext and Algorand will provide an opportunity for this segment that goes beyond sending and receiving money," said Cristian Huertas, Head of Latam of Bnext.
"Bnext is completely disrupting the banking sector in the Spanish-speaking world by providing a more modern and simple way for users to globally transact and manage their finances. Their vision to provide accessible, inclusive alternatives is aligned with Algorand's own vision for the future of finance," said W. Sean Ford, COO of Algorand. "Both Bnext and Algorand have experienced rapid adoption and we are truly excited to be empowering them to more effectively server their growing user base."
