Blockchain FinTech firm Bitwage already operates in Europe and the U.S. to enable employers to pay their staff in bitcoin or other currencies loaded onto a prepaid card. Mexico already has its own bitcoin-based payroll service thanks to the launch of Bitso, but a new partnership between the two companies is expanding Bitso's wage solution in the country.
Reports on Tuesday (June 21) said Bitso can now facilitate the exchange from bitcoin to Mexican peso thanks to Bitwage.
According to Bitso CEO Pablo Gonzalez, their collaboration is an effort to empower employees in the country.
"It opens up the doors for freelancers in Mexico to seek international opportunities using the most efficient payment rail with the lowest transfer fees," the executive said.
Bitso officially launched this week and announced its opening in a blog post. "If you live in Mexico and receive your payroll wages from the United States and Europe, this service is for you," the post read in Spanish, adding that Bitso enables faster receipt of wages, a better exchange rate and lower commission costs.
Bitwage rolled out its own payroll services, known as Bitwage Payroll, earlier this year. Its tool allows employees to choose which currency they want to receive — gold, silver, bitcoin or national currencies — that are then loaded onto a prepaid card. Last April, Bitwage similarly pointed to the benefits blockchain-based payroll can offer to the freelance population, especially those doing cross-border business.