The fintech XCOOP, which allows remittance operations inside and outside Latin America joined an alliance with Let’s Bit, the exchange that allows the exchange of cryptocurrencies to operate in Colombia allowing cash withdrawals and deposits with Bancolombia.
Both companies already have a track record in the Latin American region, however, for comparison Let’s Bit has been operating in Colombia for less time than XCOOP.
Therefore, this new project will help XCOOP to expand its services in the Colombian territory while, at the same time, it will accentuate the presence of Let’s Bit in said territory.
Also, with this partnership XCOOP also seeks to help and facilitate remittances issued from Colombia to Venezuela, according to what was shared with Colombia Fintech, Ana Chacher, the COO of XCOOP, maintained that “We know that from that country there is an unattended market for sending remittances to Venezuela and XCOOP seeks to be able to be useful to those users who until now had few and expensive options to send economic aid to their families”
Although both companies are operating together to efficiently carry out the project, to enjoy the service the person will have to become a XCOOP user (if they are not already one). Since, it will be the one who has the authorization to provide the deposit service and receive money.
Similarly, this cash in and cash out has the presence of Bancolombia, so that the bank is involved in the operation. And thus offer ease and security to the transaction.