Guatemala’s largest bank, Banco Industrial, has incorporated crypto infrastructure provider SukuPay into its mobile banking app, enabling locals to receive remittances more easily through blockchain technology. SukuPay’s infrastructure is fully integrated within the Zigi payment app, allowing Guatemalans to instantly receive funds from the United States for a flat fee of $0. 99, the company announced on May 21. According to the company, Zigi app users do not require a crypto wallet or an International Bank Account Number (IBAN) to access their funds. SukuPay CEO Yonathan Lapchik told Cointelegraph that the “key to mainstream adoption of blockchain technology is making it invisible to the end-user” to eliminate technical hurdles. “That’s the only way we’ll scale blockchain to billions of people — by building the rails, not forcing people to learn how they work, ” Lapchik explained. Founded in 1968, Banco Industrial operates more than 1, 600 service locations across Guatemala. By 2023, its assets exceeded 150 million Guatemalan quetzals, roughly equivalent to $20 million US. SukuPay stated that its integration with Zigi represents one of the first crypto-native protocols incorporated into a major Latin American retail bank. The bank also has operations in Honduras, Panama, and El Salvador and is a significant player in local remittance markets. Related: Bitcoin treasury adoption rises in LATAM, reflecting US strategic BTC reserve plans Remittances serve as lifelines across Latin America Remittances—funds sent by migrants to their home countries—are crucial for Guatemala and the surrounding region. The Inter-American Development Bank estimated that remittances to Latin America and the Caribbean will reach around $161 billion in 2024.

Monthly remittance amounts generally range between $131 and $648, constituting 6% to 23% of the sender’s average income. “Remittances are lifelines in this region, but they’re broken, ” Lapchik told Cointelegraph. “Guatemala alone receives $21 billion in remittances annually, yet families lose 6% to 10% of that amount to fees and delays. These are people sending $300, $400 monthly, and they cannot afford to wait several days or pay such high costs just to transfer money home, ” he added, emphasizing: “Crypto fixes this when used correctly. It allows instant money transfers at a fraction of the cost, seamlessly integrated into the banking apps people already use. ” Latin America ranks as the second-fastest growing area in crypto adoption, although Guatemala trails behind regional leaders such as Argentina, Brazil, Mexico, Venezuela, and Colombia, according to a 2024 Chainalysis report. The study identified stablecoins as a major factor driving adoption in the region. Lapchik noted that stablecoins simplify cross-border transactions but emphasized that “people don’t wake up saying, I need a stablecoin. ” “Stablecoins are simply the most efficient means to enable that, ” he explained.