- Guatemalans using OSMO Wallet now have access to instant, low-cost bitcoin remittances and payments.
- OSMO has partnered with IBEX Mercado to develop a Lightning infrastructure for its users.
- OSMO is partnering with AirPak, a money transfer company that will allow OSMO customers to cash out bitcoin at over 8,000 locations.
A new partnership between IBEX Mercado – a bitcoin infrastructure provider integrated with Salvadoran bitcoin deployment – and a young Guatemalan bitcoin service provider OSMO Wallet allows users to buy, sell and transact bitcoin in one of the most underbanked regions in the world, in a press release sent to Bitcoin Magazine
Nearly 70% of Central Americans are unbanked even though the population has an incredible smartphone penetration rate. So while financial inclusion is on the decline, the ability to connect within the region is constantly expanding.
Therefore, with increased levels of connectivity in Guatemala, OSMO Wallet has provided a needed function in the region through a partnership with AirPak – a money transfer services company – which operates in over 8,000 outlets across the country. Mexico to Costa Rica that allow OSMO users to cash-out BTC held in their wallet for fiat.
“Latin America has one of the most underbanked populations in the world, and Bitcoin has the potential to be truly transformational,” said Piero Coen, co-founder of OSMO Wallet. “The challenge of exchanging Bitcoin for cash has been a major barrier to adoption. By bringing cash convertibility to the unbanked across LATAM, we are a game changer.”
With the addition of IBEX’s infrastructure, OSMO will now be able to conduct on- and off-chain transactions leveraging the Lightning Network without requiring users to change settings allowing low-cost remittances and payments. cost. Additionally, OSMO Business – a Lightning Network outlet – was built on IBEX’s application programming interface (API) and has record time to market in Latin America, according to the release.
“By demonstrating how easily and quickly we can bring financial services to market using the Lightning Network, we can truly empower local communities that have historically been excluded,” said Esteban de la Peña, Partner at IBEX. “Our infrastructure services will transform people’s lives, while [Latin America] LATAM a compelling case study and proof of concept for other underserved communities around the world. »
OSMO has declared a goal of one million retail outlets adopting a bitcoin standard within the next five years in Latin America leveraging these services.