The Mexican bitcoin currency exchange MeXBT announced Pay.meXBT, a platform for international payment which will facilitate payments between Latin America and Asia.

According to the news portal elBitcoin.org, during the Money 2020 conference, which took place in Las Vegas earlier this week (October 25–28, 2015), the Mexican cryptocurrency exchange unveiled its new platform Pay.meXBT, which makes use of bitcoin and blockchain in order to facilitate cross-border payments in fiat currency.

Gabriel Mirón, CEO of meXBT, thinks that “[t]he opening of this new platform will have a positive impact on trade between Mexico and other countries, offering more business options for the Pymes (i.e., SME - CoinFox) and Transnational”, informs Finextra.

It is important that the technology underpinning Pay.meXBT was developed by AlphaPoint, a financial technology company with offices in New York City, Philadelphia and San Francisco which specialises in blockchain-enabled solutions for digital currency exchanges. MeXBT and AlphaPoint shared a booth at Money 2020 where they invited potential investors and customers to discuss “the future of payments across emerging economies.”

Joel Cano, COO of meXBT, pointed out that the motivation behind the creation of Pay.meXBT is rooted in the desire to speed up payment processes and allow payments in local currencies, Finextra writes. Initially Pay.meXBT will be available to customers in Brazil, Singapore, China and Indonesia, and, as Cano states, “you can pay in MXN and your counterpart will receive the equivalent in CNY in real time.” MeXBT will continue expanding the service in both Asia and Latin America in the next 12–18 months.

The announcement of Pay.meXBT’s launch closely follows last week’s invitation to Hackathon ideaCAMP published on meXBT company blog. On 27–29 November, 2015, meXBT, IdeaGentera and Catapulta organise Hackathon ideaCAMP, which will focus on the Bitcoin and Blockchain technologies and on their better adoption in Mexico. The Hackathon also features Hack meXBT, a challenge related to the company’s APIs.

As CoinFox reported previously, meXBT partnered with BitNexo and in August acquired CoinRepublic and expanded to Southeast Asia.

Diana Bogdan