Felix teams up with Zero Hash for improved WhatsApp-based payments

crypto.news · 2024-10-30T07:01:16+00:00

Felix has partnered with Zero Hash to offer US-based Latinos a streamlined way to send remittances via WhatsApp, using stablecoin infrastructure. The partnership enables transactions to take place without high fees and slow transfer times typical of traditional remittance methods. The stablecoins makes it easier to send money internationally without requiring interaction with traditional banking services. Zero Hash manages regulatory compliance and backend operations, converting dollars to stablecoin USD Coin (USDC).

crypto.news

2024-10-30 07:01:16

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Felix, a WhatsApp-based platform focused on cross-border payments, has teamed up with Zero Hash to simplify remittances for 60 million U.S.-based Latinos.

According to a press release seen by crypto.news, the partnership enables users to send funds instantly via WhatsApp, using stablecoin infrastructure managed by Zero Hash, a provider of crypto and stablecoin technology also utilized by Stripe and Interactive Brokers.

Per the release, U.S.-based Latinos collectively send $150 billion back to their homes each year. Felix’s service integrates with WhatsApp, offering a streamlined way to send money without the high fees and slow transfer times typical of traditional remittance methods.

Stablecoin use

By using stablecoins — digital assets that maintain a stable value tied to fiat currency — Felix provides an efficient way to send money internationally without requiring users to interact directly with cryptocurrency

Zero Hash’s infrastructure manages all regulatory compliance and backend operations, converting U.S. dollars to stablecoin USD Coin (USDC) and enabling seamless transfers to local currency for recipients abroad.

Recently, the predictions platform Kalshi partnered with Zero Hash to let users fund accounts with USD Coin, enabling faster deposits.

In the third quarter of 2024, stablecoin market capitalization reached an all-time high of nearly $170 billion, driven by adoption and regulatory clarity from the EU’s new crypto rules

Anthony Pompliano recently suggested that stablecoins could become the primary medium in a machine-driven economy as transaction volumes neared $20 trillion year-to-date.

Since its launch, Felix has seen a 500 times growth in transaction volume, underscoring the demand for accessible, cost-effective remittance options. Zero Hash, meanwhile, supports 65 platforms across 22 blockchains and has processed over $20 billion in transactions.

The partnership aligns with Zero Hash’s approach to making blockchain technology effective without requiring user expertise, highlighting that crypto adoption grows when it operates behind the scenes.

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