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Tribal Credit Partners With Bitso and Stellar To Ease Cross-border B2B Payment

coingape.com 09 December 2021 19:57, UTC
Reading time: ~3 m

In a bid to offer a cross-border business-to-business B2B payment option for businesses, Tribal Credit has now collaborated with top crypto exchange Bitso and the Stellar Development Foundation. By virtue of this partnership, the region will see use cases for blockchain technology improve, even on a substantially wider scale.

Tribal Credit On A Mission

Basically, the enterprise payment platform Tribal Credit is made for startups and growing SMEs hoping to find better ways of paying their business expenses as well as  optimizing their financial management.

As a result, this new collaboration effort will see to it that companies situated in Mexico, can pay for goods and services in their native currency — the peso, while their business counterparts in the United States can also receive the payments in dollars (USD).

Now, where Stellar comes in is that the service will be backed by the Stellar blockchain — a decentralized open-source payment network specialized in multi-currency transactions.

Bitso exchange will facilitate Tribal Credit’s cross-border payment system by affording merchants the capability of exchanging pesos to Stellar’s USDC stablecoin.

Recall that Bitso was a major part of El Salvador’s successful rollout of the state-issued Bitcoin (BTC) wallet Chivo.

What Informed The Choice of Partners?

Speaking about the partnership and how the choices were made, the chief research scientist for Tribal Credit Ehab Zaghloul mentions in a written statement that while Bitso exchange aligns with Tribal’s mission to “promote financial inclusion and democratize access to financial services,” Stellar also offers very fast transactions at a near-zero rate.

And seeing as the region is not exactly crawling with a lot of traditional financial institutions, cryptocurrencies offer an alternative financial service for residents of Latin America, especially considering the fact that everyone with as simple as a little smartphone can transact in crypto.

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