Mexico Crypto Remittance Volume
According to the 2021 World Bank Statistics, Mexico was the world’s second biggest receiver of crypto remittances, with a total of $5.3 billion to the nation, an increase of 16.5% over the previous year.
This continual growth shows a strong opportunity for digital finance companies in the country, an opportunity being taken up by hundreds of companies looking to snag a share of the remittance market.
Even the biggest cryptocurrency companies are targeting Central America, with Coinbase also setting up in Mexico within the past year. In February, the exchange announced a service for US customers to send crypto remittances to Mexico, allowing receivers to withdraw in pesos.
Latin American exchange Bitso processed over $1 billion in remittances in the first half of 2022 between the USA and Mexico alone, representing four times the volume from the previous year. Bitso operates in Mexico, Brazil, Argentina, and Colombia, with a user base of over 5 million people.
This incredible adoption of cryptocurrency in the Americas is signaling a seismic shift that will no doubt benefit new launching platforms seeking to garner worldwide attention.
Oryen Network Launch
One such new-to-the-market protocol is Oryen Network. ORY is designed as a sustainable yield protocol that helps users to put their capital to work with an attractive rate that will benefit long-term holders.
Oryen features the OAT (Oryen Autostaking Technic) mechanic, which takes care of staking for you. Users can buy native token ORY and simply need to hold it in their wallet to receive gains, sidestepping the need to rely on staking into contracts. Rebase rewards are paid hourly, at a daily rate of 0.177% (90% compounded APY).
The APY is supported by the protocol’s signature Risk-Free Value (RFV) wallet, which will generate value over time and be deployed to support the price during periods of volatility. Currently, in the first round of presale, there is no doubt that Oryen is receiving attention from Mexico and other Central American countries.
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