Mexican cryptocurrency exchange Cubobit has debuted RemeZaZa, a Dash-powered remittance platform enabling fast remittance transfers to Mexico.
@dash_mexico is extremely exited to announce our collaboration with @cubobit to help launch the new remittance platform @RemezazaMX ! The new Mexican remittance delivery platform based on the $Dash blockchain. @dashpay https://t.co/9rjEQmhuTS
— Roel Castaño (@rcastano) November 15, 2019
Announced this week, Cubobit, a Mexican cryptocurrency exchange which integrated Dash in August, has debuted a new Dash-exclusive remittance service, RemeZaZa, enabling users to send remittances to Mexico in minutes. According to Amir Manzur Escobar, CEO and co-founder of Cubobit, Dash’s speed thanks to InstantSend makes it an ideal tool for sending near-instant remittances:
“We are incredibly excited to be able to help Mexican recipients simplify their remittance deliveries with the launch of the RemeZaZa.com platform. The Dash blockchain’s instant global transactions, instant re-spending capability, and ease of use make it the ideal tool for automating global payments. Using Dash we are now able to receive remittances in Dash, exchange them to Mexican pesos, and deposit to the beneficiary’s account almost instantly.”
End recipients have a Dash address associated with their account, which upon receiving a transaction converts instantly to Mexican pesos, funding their RemeZaZa debit card, their bank account, or debit account within five minutes for sending the transaction. This completes the international funds transfer faster than major remittance competitors, many of which take hours if not days to complete a transfer.
A significant step forward in Dash’s key target market of remittances
The creation of RemeZaZa represents significant progress in Dash’s expansion into the Latin American remittance market. According to Roel Castaño, head of Dash Mexico, which brokered the partnership, remittances are a significant portion of the Mexican economy, and Dash’s entry into this market is critical:
“Remittances are the largest and most important income source for Mexico, bigger than any industry including oil, and are a key focus use case for Dash. The RemeZaZa team, the Cubobit team, and Dash Mexico have been working hard to bring instant and low cost remittance deliveries to Mexico from any part of the world.”
According to the Yearbook of Migration and Remittances, $35 billion of remittances are expected to be sent from the US to Mexico in 2019 alone by the end of the year. According to data from BitInfoCharts, total value sent by the Dash network on a day-to-day basis is typically around $25 million, approximating $9.125 billion over the course of a year at that rate. Capturing 1% of the US-Mexico remittance market would add $350 million over the course of the year, adding 3.84% to the total value transacted by the network annually, representing a significant increase in usage of the network for sending payments, with capturing 10% of the market equaling nearly half of all present value transacted annually.