Bitnexo which aims to bring simplicity, speed, and savings to cross border payments for SMBs through the use of blockchain technology, has won the most coveted BBVA’s Open Talent competition. The company shared the stage with 13 other amazing FinTech Startups from all around Latin America at the occasion and all set to lead the way.
Though the competition was tough as all the participants were giving tough challenge to Bitnexo, the company claims that it targeted huge pain points for a region that yearns to find scalable models to bring financial services to the unbanked and underbanked. The judges gave respect to the kind of work the company doing and awarded it BBVA’s Open Talent competition.
International Money Transfer Made Easy
As the announcement came that the Bitcoin-based platform Bitnexo has been announced as the joint winner in the Latin American final of BBVA’s Open Talent competition, it was all great news for the company. The startup facilitates international money transfers between Asia and Latin America and that too at highly competitive charges.
Now, in consequence to the winning the award, Bitnexo will receive a €30,000 prize ($33,939) as well as the chance to join a two-week networking programme in Mexico and London. The company shared the award with Destacame, a Chilean startup that helps people gain access to credit; thus, the nature of both the business is somewhat same i.e. empower the customers.
Latin America Needs Cost-Effective Money Transfer Solution
Talking about the award, Hugo Nájera, head of digital banking at BBVA Bancomer, said that there is huge potential for the innovative potential of startups in the region. He was quoted saying that Latin American startups have demonstrated some really innovative proposals within FinTech. Nonetheless, this continent is also in dire need to provide cost-effective money transfer.
BBVA’s Open Talent competition features nine crypto startups and is split into three regional finals. The reports say that Bitwage, Coinalytics, SnapCard and Voatz began competing in New York yesterday alongside startups from the US and other parts of the world. The final is due to take place today.
Additionally, the European final, held in Barcelona, where Everledger, Safello and Vaultoro will compete, is scheduled for 21st and 22nd of September. This is another event that is going to determine the winners playing the pivotal role in the financial technology with their innovative solutions.
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