Guatemala’s largest bank integrates blockchain for cross-border payments
Banco Industrial in Guatemala has integrated SukuPay's crypto infrastructure into its Zigi mobile banking app, enabling locals to receive remittances via blockchain technology for a flat fee of $0.99. Users do not require a crypto wallet or IBAN to access these funds. SukuPay CEO Yonathan Lapchik emphasized that making blockchain technology invisible to users is crucial for mainstream adoption. Banco Industrial, established in 1968, operates over 1,600 locations and holds assets of approximately $20 million. Remittances are vital for Guatemala, totaling $21 billion annually, with families losing 6% to 10% to fees and delays. The Inter-American Development Bank forecasts remittances to Latin America will reach $161 billion in 2024. Latin America is the second-fastest growing region for crypto adoption, with stablecoins driving this growth.
