Silke Mayr Felix, a platform designed for cross-border payments via WhatsApp, has joined forces with Zero Hash to streamline remittances for 60 million Latinos living in the U.S.
As detailed in a press release from crypto.news, this partnership allows users to send funds instantly through WhatsApp, leveraging the stablecoin infrastructure provided by Zero Hash, which also serves companies like Stripe and Interactive Brokers.
U.S.-based Latinos send approximately $150 billion back to their home countries each year. Felix aims to simplify this process, offering a convenient way to transfer money without the high fees and delays typically associated with traditional remittance services.
Utilizing Stablecoins
By incorporating stablecoins—digital assets that maintain a fixed value relative to fiat currency—Felix offers an efficient method for international money transfers without requiring users to directly engage with cryptocurrency.
Zero Hash handles all regulatory compliance and backend processes, converting U.S. dollars into USD Coin (USDC) and facilitating seamless conversions to local currency for recipients overseas.
In a related development, predictions platform Kalshi has also partnered with Zero Hash to enable users to fund their accounts with USD Coin, resulting in quicker deposits.
In the third quarter of 2024, the stablecoin market reached a record high of nearly $170 billion, fueled by increasing adoption and clearer regulations from the EU’s new crypto framework.
Anthony Pompliano recently noted that stablecoins could emerge as a primary medium in an increasingly automated economy, with transaction volumes nearing $20 trillion this year.
Since its inception, Felix has experienced a remarkable 500-fold increase in transaction volume, reflecting the demand for accessible and affordable remittance solutions. Zero Hash, for its part, supports 65 platforms across 22 blockchains and has processed over $20 billion in transactions.
This collaboration exemplifies Zero Hash’s commitment to making blockchain technology user-friendly, emphasizing that crypto adoption flourishes when it operates seamlessly in the background.