Bnext announces next-generation money transfer service across Spain and Latin America with blockchain-based solution on Algorand
MADRID, June 2, 2021 / PRNewswire / – Algorand and Bnext Join Forces to Revolutionize the Remittance Market by Europe and Latam. In 2020, Latam received more than $ 100 billion and Spain sent over $ 18 billion, with Latin America receive most remittances sent by Spain.
Bnext will leverage Algorand’s high-performing and cost-effective blockchain infrastructure to make transactions extremely convenient and accessible, even compared to other fintech services.
The offer is based on more efficient and secure fund transfers, as all operations are made possible on Algorand’s public blockchain and performed by Bnext and its business partners This includes Bitso, which will provide all regulatory and regulatory requirements. exchange so that the user experience for those who send and receive funds is simple and instant.
Money will be transferred between Bnext users, even if they are in different countries, and will be faster and safer than today to send money between Bnext users in Spain or in Latin America.
Bnext is the most powerful financial services marketplace in Spain and one of the most important of Latin America, with over 700,000 users and a rapidly accelerating user base.
Algorand is a blockchain company building technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and value exchange. With over 500 global companies using their technology, 4.5 million on-chain assets and over 11 million accounts, the market capitalization of Algo, the platform’s native currency, is over. $ 3 billion.
Together, Algorand and Bnext plan to process more than $ 100 million remittances over the next 12 months, in an initial phase, before officially launching the product throughout Latam and Europe.
“This alliance is the first step in expanding the inclusive financial product offerings that are convenient and recurring for immigrants that have been exploited by traditional money transfer companies. Bnext and Algorand will provide an opportunity for this segment that goes beyond sending and receiving money, ”said Cristian Huertas, Head of Latam de Bnext.
“Bnext is completely disrupting the banking industry in the Spanish speaking world by providing users with a more modern and easier way to process and manage their finances on a global scale. Their vision of providing accessible and inclusive alternatives is aligned with Algorand’s own vision for the future of finance, ”said W. Sean Ford, COO of Algorand. “Bnext and Algorand have both experienced rapid adoption and we are really excited to enable them to serve their growing user base more effectively. “
Bnext is one of the first Spanish fintech companies, present in Latam and pioneering as an alternative to traditional banking, which makes it easier for people to control their money in order to live it more freely, simply and intelligently. For more information visit https://bnext.es.
Algorand is building the technology to power the future of finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless and secure. Founded by Turing Award-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides interoperability and the ability to handle the volume of transactions needed by the challenge, financial institutions and governments for a smooth transition to FutureFi. The technology of choice for more than 500 organizations worldwide, Algorand enables the simple creation of next-generation financial products, protocols and value exchanges. For more information visit www.algorand.com.
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