Bnext and Algorand partner to launch international remittance service across Spain and Latin America

By Pavithra R

Bnext, the first Spanish neobank, that challenges the traditional banking system has joined forces with Algorand, to revolutionize the remittances market in Europe and Latam.

During 2020, Latam received more than 100bn USD and Spain sent more than 18bn USD, with Latin America receiving most of the remittances sent by Spain.

Under the collaboration, Bnext will take advantage of Algorand’s high performing and cost effective blockchain infrastructure to make transactions convenient and accessible, even compared to other fintech services.

“This alliance is the first step to expand inclusive financial product offerings that are convenient and recurrent to immigrants that have been exploited by traditional remittance companies. Bnext and Algorand will provide an opportunity for this segment that goes beyond sending and receiving money,” said Cristian Huertas, Head of Latam of Bnext.

The offering is based on a more efficient and secure remittances, as all the operations are made possible on Algorand’s public blockchain and carried out by Bnext and its commercial partners. This includes Bitso, who will provide all the regulatory and exchange requirements so that the user experience for those sending and receiving funds is simple and instant.

The money will be transferred between Bnext users and will be faster and more secure to send money between Bnext users in Spain or in Latin America. Working together, the companies anticipate processing more than 100m USD of remittances in the next 12 months, in an initial phase, prior to formally launching the product throughout Latam and Europe.

“Bnext is completely disrupting the banking sector in the Spanish-speaking world by providing a more modern and simple way for users to globally transact and manage their finances. Their vision to provide accessible, inclusive alternatives is aligned with Algorand’s own vision for the future of finance. Both Bnext and Algorand have experienced rapid adoption and we are truly excited to be empowering them to more effectively server their growing user base,” said W. Sean Ford, COO of Algorand.

Founded in 2017 by Silvio Micali, Algorand is a provider of open-source, permissionless, pure proof-of-stake blockchain protocol that enables the development of scalable blockchain solutions for real-world use cases. The company is powering the DeFi evolution by enabling the creation and exchange of value, building financial tools and services, bringing assets on-chain and providing privacy models. The firm builds technology that accelerates the convergence between decentralized and traditional finance by enabling the simple creation of next generation financial products, protocols and exchange of value.