DALLAS, TX – 15/12/2024 – (SeaPRwire) – In a groundbreaking move set to revolutionize cross-border payments, TruBit, the leading crypto payment platform in Latin America, has announced a major strategic partnership with Bridge, a global money movement platform powered by stablecoins. This collaboration marks a new chapter in the financial landscape, as it seeks to address longstanding issues related to the high costs and delays of international money transfers. Together, TruBit and Bridge are creating a seamless, low-cost, and highly efficient payment solution that connects the United States and Latin America, providing businesses and individuals with an innovative way to move money across borders.
The partnership between TruBit and Bridge comes at a time when stablecoins are emerging as an increasingly powerful tool in the world of digital finance. With the stablecoin market projected to reach $150 billion in market capitalization by 2024, up from just $15 million in 2017, according to Forbes, stablecoins have become a key enabler of cost-effective and reliable transactions. The collaboration between TruBit and Bridge harnesses the potential of stablecoins to offer a transaction cost that is as low as 1%, a stark contrast to the typical 5-10% fees charged by traditional banks and financial institutions. This significant reduction in fees opens up new possibilities for cross-border payments, making them more affordable, faster, and accessible for businesses and consumers alike.
Maggie Wu, CEO and Co-Founder of TruBit, expressed her excitement about the partnership, stating, “Through our partnership with Bridge, we have successfully created a seamless connection between the U.S. and LATAM, enabling businesses and individuals to transfer and pay across borders quickly and affordably. This collaboration not only reduces costs but also ensures near-instant settlement for international transactions. By eliminating the need for intermediaries and long settlement periods, we are transforming the way cross-border payments are conducted, delivering significant value to our customers.”
Zach Abrams, CEO and Co-Founder of Bridge, echoed this sentiment, adding, “We’re thrilled to collaborate with TruBit to deliver faster transaction settlement and dramatically lower transaction costs. Stablecoins are the future of cross-border payments, and this partnership underscores our shared commitment to creating scalable and efficient financial infrastructure for businesses operating internationally.”
The impact of this partnership extends far beyond large corporations and businesses. TruBit and Bridge’s collaboration is empowering small and medium-sized enterprises (SMEs) across Latin America to optimize their financial operations and stay competitive in a globalized economy. Entrepreneurs, such as Belén, a small business owner in the design industry, have already experienced the benefits of this payment solution. Before adopting TruBit and Bridge, Belén struggled with payment delays of up to five days and exorbitant international fees. “TruBit helped me reduce payment times to same-day and cut my fees by 80%,” Belén shares. “Now, I can seamlessly collect payments from clients in Europe and the U.S. while paying my suppliers in LATAM, improving my cash flow and operational efficiency.”
The TruBit and Bridge platform leverages advanced API integration to connect both companies’ fiat and crypto on-and-off ramp infrastructures, ensuring that transactions are not only fast and efficient but also secure. The use of stablecoins further enhances the reliability of these transactions, ensuring that businesses and consumers can transact with confidence, without the uncertainty of volatile exchange rates. Together, TruBit and Bridge are transforming international payments, fostering a more inclusive and interconnected global financial ecosystem.
A Vision for the Future of Cross-Border Payments
The TruBit-Bridge collaboration is poised to disrupt the traditional financial systems that have long dominated cross-border payments. Cross-border transactions have historically been slow, costly, and prone to delays due to the involvement of multiple intermediaries and reliance on traditional financial systems. However, by leveraging the power of blockchain technology and stablecoins, TruBit and Bridge are providing a modern, streamlined alternative that makes cross-border payments faster, more affordable, and accessible for everyone.
This partnership also addresses some of the critical challenges facing the financial industry today, including the high costs associated with international remittances and the lack of access to affordable payment solutions in emerging markets. Latin America, in particular, has long struggled with expensive and inefficient cross-border payment systems, which have hindered economic growth and financial inclusion in the region. By offering a more cost-effective and efficient alternative, the TruBit and Bridge collaboration is helping to bridge the financial gap and support the growth of businesses and entrepreneurs in LATAM.
Empowering Small and Medium Enterprises (SMEs)
Small and medium enterprises (SMEs) are often the backbone of economies, particularly in emerging markets like Latin America. However, these businesses often face significant challenges when it comes to managing cross-border payments, particularly when dealing with the high costs and delays associated with traditional banking systems. TruBit and Bridge’s solution is a game-changer for SMEs, providing them with the tools they need to streamline their financial operations and stay competitive in an increasingly globalized market.
For businesses like Belén’s, the ability to transfer funds quickly and affordably is crucial to maintaining healthy cash flow and ensuring smooth operations. The TruBit and Bridge partnership has already proven to be invaluable in helping SMEs like hers optimize their payment systems and reduce the friction associated with international transactions. By providing access to low-cost, fast, and secure payment options, the collaboration is empowering businesses in Latin America to take full advantage of the global digital economy.
The Role of Stablecoins in the Future of Finance
At the heart of this partnership is the use of stablecoins, a digital currency that is pegged to a stable asset, such as the U.S. dollar. Stablecoins provide a solution to the inherent volatility of cryptocurrencies like Bitcoin and Ethereum, offering a stable, reliable medium of exchange for international transactions. As the use of stablecoins continues to grow, they are becoming an increasingly important tool for businesses and consumers alike, allowing them to transact across borders without the risk of currency fluctuations.
The partnership between TruBit and Bridge represents a major step forward in the adoption of stablecoins as a viable and efficient alternative to traditional payment systems. By integrating stablecoins into their payment platforms, both companies are helping to pave the way for a future where cross-border payments are faster, cheaper, and more accessible to everyone.
About TruBit
Founded in 2020, TruBit is a leading global crypto platform based in Latin America. The company focuses on providing compliant cross-border payment solutions, as well as advanced trading features for experienced users. TruBit’s platform offers a wide range of services, including its flagship TruBit Business, which enables businesses to seamlessly integrate fiat and crypto payment solutions, and TruBit Pro, a trading platform designed for professional traders. TruBit also offers a user-friendly wallet and the Mastercard TruBit card, which allows users to easily spend their crypto holdings.
TruBit operates in key Latin American markets, including Mexico, Argentina, Brazil, Colombia, Chile, and Peru, and is rapidly expanding its presence in the U.S., Hong Kong, and Europe. With a strong commitment to regulatory compliance, security, and innovation, TruBit is bridging the gap between fiat and crypto, helping businesses and individuals across the globe access a new era of financial services.
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