Guatemala’s largest bank, Banco Industrial, has integrated crypto infrastructure provider SukuPay into its mobile banking app, allowing locals to more easily receive remittances powered by blockchain technology. SukuPay’s infrastructure has been fully embedded inside the Zigi payment app, allowing Guatemalans to receive funds from the United States instantly for a $0.99 flat fee, the company disclosed on May 21. Users of the Zigi app do not need a crypto wallet or an International Bank Account Number (IBAN) to receive the funds, the company said. SukuPay CEO Yonathan Lapchik told Cointelegraph that the “key to mainstream adoption of blockchain technology is making it invisible to the end-user” so that there are no technical barriers. “That’s the only way we’ll scale blockchain to billions of people — by building the rails, not forcing people to learn how they work,” said Lapchik.
Related: Bitcoin treasury adoption grows in LATAM, mirroring US strategic BTC reserve planRemittances are lifelines for Latin AmericaRemittances, or money sent by migrants to their home countries, play a vital role in Guatemala and the broader region. The Inter-American Development Bank projected that remittances to Latin America and the Caribbean would total approximately $161 billion in 2024.
It lets us move money instantly and at a fraction of the cost, integrated into the bank apps people already use.” Latin America is the second-fastest growing region in terms of crypto adoption, though Guatemala lags behind regional leaders Argentina, Brazil, Mexico, Venezuela and Colombia, according to a 2024 Chainalysis study.
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