Bitget Wallet, a finance app, now enables users in Nigeria and Mexico to convert USDT and USDC into naira and pesos, and send money to local bank accounts in minutes. This is the first major launch of direct stablecoin-to-bank transfers by a global crypto wallet in these countries. The move seeks to make crypto easier to use for everyday spending. This new functionality allows Bitget Wallet users to pay merchants, send money to friends and family, and pay bills directly from their self-custodial wallet. There is no need for peer-to-peer markets or exchanges. The method is similar to that of a traditional mobile banking app: select a cryptocurrency asset, enter the amount and bank information, and confirm.
Licensed partners handle fiat conversion and settlement via regulated channels, ensuring quick, dependable, and compliant transfers. The service supports over 45 Nigerian banks and more than 35 Mexican banks, with USDT and USDC available on BNB Chain, Ethereum, Solana, Tron, and Base.
Bitget Wallet's expansion comes as stablecoins gain popularity in countries battling inflation, currency regulations, and volatile exchange rates. According to Chainalysis, Nigeria leads Africa in on-chain transactions with over $90 billion per year, while Mexico had more than $70 billion last year.
The new Bank Transfer function connects the $160+ billion in crypto activity to everyday financial requirements, allowing users to send, spend, and save as effortlessly as with native currency.
In Nigeria, crypto users frequently rely on peer-to-peer systems, which can have limited liquidity, volatile rates, and settlement issues. In Mexico, limited options for converting cryptocurrencies to fiat currency and restrictive laws have hindered growth.
Bitget Wallet's Bank Transfer feature now automates the entire process, making it a safer, faster, and more cost-effective option to convert cryptocurrency to cash with just one tap.
Bitget Wallet intends to expand its bank transfer services to more emerging markets in the near future. The functionality joins the company's increasing payment options, which already include a crypto debit card, QR payments, and an in-app lifestyle shop, allowing users to pay globally in local currencies. To commemorate, Bitget Wallet is running a limited-time no-fee promotion.
