Ripple Partner Bitso Launches Remittances Between Canada And Mexico

By Kevin • September 7, 2022 10:44 pm • Comments

Bitso is known as one of Ripple’s biggest partners and ODL corridors that uses Ripple’s on-demand liquidity service within the Latin America region.

Most recently, the company has announced a new partnership with Africhange which is an African-Canadian payment system that focuses on remittances.

With this new partnership, money transfers between Canada and Mexico will be supported using blockchain technologies through Bitso.

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So far, the remittances between the two countries already amount to more than $140 million so this new partnership should be able to reduce transaction fees significantly.

U.today reports:

The cooperation between the two companies emerged as a result of the trend of Mexicans moving to the North American country.

According to the source, the number of incoming remittances from Canada to Mexico is more than $140 million.

The partnership should significantly reduce costs for end senders and simplify the overall transaction chain.

Africhange executives said it did not take long to choose a new partner in the region, which makes sense given Bitso’s expertise in cross-border payments, not least because of its close cooperation with Ripple.

This seems to be another example of a very harmonious cooperation. Africhange, which already has a turnover of $70 million in remittances from Nigeria to Canada, is entering a new market on the new continent. Bitso, on the other hand, sees a chance to increase its own turnover and to help its compatriots abroad.

The most important part of this news that should pique the interest of investors is the fact that Bitso is basically Ripple’s On-Demand Liquidity corridor within the Latin America Region.

In addition, the exchange’s trading volume is primarily consisted of XRP as roughly 60% of the exchange’s trading volume is done with the digital asset.

With this new partnership, it essentially adds another remittance between two countries where XRP can be used to do real time money transfers with low transaction fees.

Speculators are expecting the number of remittance corridors that utilize blockchain to increase significantly in the next few years and it seems that Ripple is well positioned to take advantage of that trend.

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Obaoye added that Africhange wants to help Mexican immigrants living in Canada to easily send money back home to their loved ones.

The company makes this possible by addressing the major constraints of cross-border settlements, like slow transaction process and high cost of transfers.

Carlos Lovera, Partnerships and Business Development Lead at Bitso, said:
“We are very happy to announce this partnership with Africhange, which reinforces our commitment to bring useful crypto products to migrant communities while confirming Bitso’s leadership in one of the most successful use cases of crypto technology: cross-border payments.”

Bitso is a top Latin American crypto company that has continued to foster cross-border payments using Ripple solutions.

As reported by TheCryptoBasic, the cryptocurrency exchange collaborated with Everest for cross-border remittance to Mexico using XRP. It is noteworthy that Bitso has been a major player in large amounts of XRP transfers made recently.

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