Brazilian Financial Services Provider ‘Dock’ To Process International Remittances Across Latin America and Europe Using Crypto.
Dock, Brazilian Financial Services company is expanding its services to Latin America and Europe. The company said it is going to use cryptocurrencies for international remittances according to Reuters.
The company was created with the name Conductor in 2014 branded into Dock after being acquired by the North American venture capital fund Riverwood Capital.
International transfers are becoming a lucrative niche for fintech like Wise and Remessa Online as such businesses are able to sell services more cheaply than large banks.
The Dock will convert Brazilian reais into Bitcoin and then BTC will be converted to dollars to reach the end-users through Dock customers such as Vivo and Natura&CO.
Frederico Amaral, head of products and technology at Dock, told Reuters.
“It will be both a quick and cheap way of making remittances,”
DocK is also examining to go public as the company is hitting banks’ initial public offering (IPO) in the United States. Dock was also able to buy rival Brasil Pré-pagos (BPP) after the approval of the Brazilian Central Bank.