TruBit Unveils Solution for Cross-Border Payments

TruBit, a virtual assets ecosystem in Latin America, has launched TruBit Business, a financial solution designed to facilitate cross-border payments in the region. This initiative aims to address the significant challenges faced by cross-border payments, such as high fees, lack of digital infrastructure, and restrictive regulations.

“This new solution expands our product portfolio and reinforces our commitment to innovation and supporting Latin America's growth,” said Hongyi Tang, LATAM Regional Manager, TruBit. “With this tool, cross-border payments can be managed more efficiently, leveraging blockchain technology and eliminating many traditional barriers.” 

According to the World Bank, formal remittances to Latin America reached US$156 billion in 2023, highlighting the critical impact of cross-border payments on the economy and the well-being of millions worldwide. However, the inefficiencies and security concerns associated with these transfers underscore the need for technological innovations.

TruBit Business, launched in the last quarter of 2023, is now available to all requiring global payment solutions. The platform processes over US$100 million monthly, with key financial destinations including the Asia Pacific corridor, Mexico, Brazil, Argentina, and the United States. 

By focusing on regulatory compliance, security, and transparency, TruBit aims to strengthen its position in the Latin American market and contribute to the region's economic development by facilitating trade and investment across borders. According to the study "The Future of Remittances in Latin America'' by Mastercard, the market for cross-border payments exceeds US$439 billion.

“TruBit Business positions itself as a key piece in the new economy, offering a safe alternative that expands economic opportunities in Latin America,” Tang said. “The disruption of virtual assets marks a significant change in cross-border payments, promoting greater efficiency, cost reduction, and increased financial inclusion.”