Mexican Giant Grupo Salinas Taps Anchorage Digital for Stablecoin Payments

Anchorage Digital And Grupo Salinas Partner On Stablecoin Implementation

Stablecoins have become one of the key use cases for blockchain technology, and more financial institutions around the world are shifting their business model to introduce them into their workflows.

Grupo Salinas, one of the largest business conglomerates in Mexico, with dozens of companies, has partnered with Anchorage Digital, a cryptocurrency services company, to integrate stablecoins in its cross-border payment flows. Coinpro, a cryptocurrency platform owned by the group, will integrate Anchorage’s Stablecoin Solutions for Banks to “compress settlement cycles” in its cross-border operations.

Anchorage claims that its stablecoin solution offers international institutions the ability to include stablecoin-based operations with embedded compliance for cross-border payments and treasury operations.

Nathan McCauley, Co-Founder and CEO of Anchorage Digital, stressed that stablecoins were moving to become core bank infrastructure. “Grupo Salinas shares our conviction that digital dollars will power the next generation of cross-border finance, and we’re proud to partner in bringing that vision to life,” he declared

Carlos Díaz Alonso, Grupo Salina’s CEO of the Commission-Based Business, hinted at extending these services to Grupo Elektra, explaining that “for Grupo Salinas, a strategic alliance with Anchorage Digital means strengthening our business, in which we will be co-developing more efficient channels that benefit Grupo Elektra’s customers and users.”

Grupo Elektra is another conglomerate part of Grupo Salinas, which includes Banco Azteca, an institution focused on providing financial services to low-income Mexicans.

Ricardo Salinas Pliego, founder and chairman of Grupo Salinas and a public bitcoin supporter, had been trying to accomplish years ago, hinting at the possibility of selling bitcoin in Grupo Elektra’s retail stores. Salinas, who has allocated 70% of his portfolio to bitcoin, has complained about regulations stopping banks from launching bitcoin solutions in Mexico.

The development comes after Anchorage recently partnered with remittance giant Western Union to issue USDPT, its own stablecoin.