Banco Industrial, the largest bank in Guatemala, has combined SUKUPAY into its SUKUPAI company into its mobile banking application, allowing the local residents to receive the transfers that Blockchain technology works more easily.
The SUKUPAY infrastructure was fully included in the Zigi application, allowing Guatemalans to receive funds from the United States immediately for a fixed fee of $ 0.99, which was revealed on May 21.
The company said that the Zigi users do not need an encryption wallet or an international bank account number (IBAN) to receive money.
“The Key to Blockchain technology makes it invisible to the final user” so that there are no technical barriers.
“This is the only way that we will expand its scope with billions of people – by building bars, and not forcing people to learn how to work,” Lab Bashik said.
Banco Industrial was founded in 1968, and has more than 1,600 service sites throughout Guatemala. As of 2023, it had more than 150 million Guatemalan Kwazal assets, equivalent to nearly $ 20 million. Sukobai said that his integration with Zigi represents one of the first protocols of encryption that is used inside the main retail bank in Latin America.
The bank also has operations in Honduras, Panama and El Salvador, a major player in the local transformation market.
Related to: The Bitcoin Treasury is increasing in Latam, which reflects the American strategic BTC reserve plan
The transfers are the lifeblood of Latin America
Transfers, or money that immigrants sent to their countries of origin play a vital role in Guatemala and the wider region.
The Development Bank between Americans expected These transfers to Latin America and the Caribbean Sea region will reach a total of about $ 161 billion in 2024. Monthly transfers usually range from $ 131 to $ 648, and it represents between 6 % and 23 % of the average income of the sender.
“The transfers are the lifeline in this region, but they are broken,” Labckek told Cointelegraph.
“Guatemala alone sees $ 21 billion of transfers every year, and families lose 6 % to 10 % of that on fees and delay. These are people who send $ 300, $ 400 a month, and they cannot bear the costs of waiting or paying a lot to get money to the home,” adding: “
“This Crypto comes when using it in the right way. It allows us to transfer money immediately and with a small part of the cost, integrated into bank applications that people already use.”
Latin America is the second slower growth area in terms of encryption adoption, although Guatemala is behind the regional leaders Argentina, Brazil, Mexico, Venezuela and Colombia, according to a study conducted in 2024.
Stablecoins study was martyred as an initial adoption engine in the region.
Lapheck said that stablecoins facilitate the cross -border transactions more easily, but “people do not wake up saying, I need Stablecoin.”
“Stablecoins is just the best way to achieve it,” said Stablecoins is just the best way to achieve it.
magazine: Crypto wanted to topple banks, and now it’s in Stablecoin fighting
