Felix teams up with Zero Hash for improved WhatsApp-based payments

Felix, a WhatsApp-based platform focused on cross-border payments, has partnered with Zero Hash to facilitate remittances for 60 million US-based Latinos.

According to a press release seen by Crypto.news, the partnership allows users to send money instantly via WhatsApp using stablecoin infrastructure managed by Zero Hash, a crypto and stablecoin technology provider also used by Stripe and Interactive Brokers.

U.S.-based Latinos collectively send home $150 billion each year, according to the statement. Felix’s service integrates with WhatsApp, offering an easy way to send money without the high fees and slow transfer times seen with traditional remittance methods.

Stablecoin usage

By using stablecoins, which are digital assets that maintain a stable value tied to fiat currency, Felix offers an efficient way to send money internationally without users needing to interact directly with the cryptocurrency.

Zero Hash’s infrastructure manages all regulatory compliance and backend operations, converting US dollars into the stablecoin USD Coin (USDC) and providing seamless transfers to local currency for overseas buyers.

Recently, prediction platform Kalshi partnered with Zero Hash to enable users to fund accounts with USD Coin and provide faster deposits.

In the third quarter of 2024, stablecoin market capitalization reached an all-time high of $170 billion, driven by the adoption of the EU’s new crypto rules and regulatory clarity.

Anthony Pompliano recently suggested that stablecoins could become the primary tool in a machine-driven economy, with transaction volumes approaching $20 trillion to date.

Felix has seen 500x growth in transaction volume since its launch; This has highlighted the demand for accessible, affordable remittance options. Meanwhile, Zero Hash supports 65 platforms across 22 blockchains and has processed over $20 billion in transactions.

The partnership aligns with Zero Hash’s approach to making blockchain technology effective without requiring user expertise, highlighting that crypto’s adoption increases when it works behind the scenes.