Bitget Wallet has made a significant move by launching a Bank Transfer feature in Nigeria and Mexico, facilitating instant conversions of USDT and USDC into local currencies. This innovation enables users to send funds directly to their bank accounts, enhancing the practicality of stablecoins for everyday transactions.
The newly introduced service allows seamless conversion from cryptocurrency to local currency, eliminating the need for peer-to-peer platforms or centralized exchanges. Users can navigate the process similarly to a mobile banking application: by selecting a cryptocurrency, entering the amount and recipient bank account, and confirming the transaction. Behind this process, Bitget Wallet collaborates with a network of licensed partners to manage fiat conversion and settlement through regulated payment channels, ensuring compliance and reliability with near-instant processing.
Operating in Nigeria, the feature supports transactions with over 45 banks, while in Mexico, it connects with more than 35 banking institutions. Typically, settlements are completed within minutes, making it a viable option for users looking to utilize cryptocurrency in their daily lives. The rollout marks a notable achievement as it represents the first large-scale implementation of direct stablecoin-to-bank transfers in these regions.
By integrating traditional banking systems with cryptocurrency payments, Bitget Wallet is bridging the gap between on-chain assets and real-world spending. The launch comes at a time when the role of stablecoins is magnifying in emerging-market finance, particularly in regions experiencing inflation and currency volatility.
According to Chainalysis, Nigeria stands out as Africa”s largest cryptocurrency market, boasting over $90 billion in annual on-chain transaction volume. Meanwhile, Mexico has recorded more than $70 billion during the same timeframe. The Bank Transfer feature empowers users to engage with cryptocurrency as effortlessly as they do with local currencies for various purposes, including sending, spending, and saving.
Bitget Wallet”s new feature addresses long-standing challenges in these markets, where converting cryptocurrency to usable local currency has often been slow and fraught with risks. In Nigeria, users frequently rely on peer-to-peer platforms that can be affected by liquidity issues and fluctuating exchange rates. In Mexico, limited infrastructure and regulatory barriers have previously hindered access to cryptocurrency services.
“Stablecoins are quickly becoming a new layer of everyday payments in emerging markets, and connecting them to local banking rails is the next step in that evolution,” stated Jamie Elkaleh, CMO of Bitget Wallet. He emphasized the significance of integrating stablecoin payments directly into banking systems, noting that Nigeria and Mexico together process more than $160 billion in annual on-chain volume.
Looking ahead, Bitget Wallet has plans to extend this Bank Transfer feature to other emerging markets, broadening its suite of payment solutions that also includes a crypto card, QR code payments, and an in-app lifestyle shop. This expansion aims to facilitate payments globally, allowing users to transact in local currencies for shopping, remittances, and daily expenses.
