Ripple Partner Bitso Transacts $3.3 Billion Between Mexico and US• April 6, 2023 11:27 am • Comments
It looks like the continued adoption of the XRP ledger is growing quickly despite the current lawsuit between the SEC and Ripple.
Bitso, a well-known Mexican exchange that uses Ripple’s On-Demand liquidity solution, just announced that it had transacted $3.3 billion in remittances between the United States and Mexico.
This number was achieved in just the year 2022 alone and is already larger than some traditional remittance services.
Since all of these remittances were powered through the use of the XRP ledger, this indicates that XRP continues to have its value proven through these real-world use cases.
To show how fast the service is growing, this number is 3 times larger than the volume that was processed in 2021 and it is expected that the number will once again grow exponentially for 2023.
"Last year @bitso processed $3.3B through crypto with Ripple and others."🌊
Monica Long, President of @Ripple #fintech $XRP #ODL https://t.co/naON8DvGR9 pic.twitter.com/Ehp1wa6Tcu
— XRP_Cro 🛸 (@stedas) April 6, 2023
The Latin American exchange highlighted that the remittances were facilitated through its Cripto Para Empresas (Crypto for Business) service and were mainly carried out using XRP and stablecoins as bridge assets.
Notably, Bitso’s crypto for a business solution is primarily used by remittance and payment companies.
According to Bitso’s statement, the “strategic” partnership with Ripple played a major role in bolstering this massive growth in remittance volume.
Ripple’s ODL expansion into Latin America in 2019 was marked by a collaboration with Bitso as its primary ODL partner in the region.
Three years later, the partnership continues to yield fruitful results.
Due to the success of Bitso’s partnership with Ripple, this may serve as a precedent for other Latin American firms to have a partnership with Ripple as well.
After all, the remittance market is an extremely large financial sector that many would benefit from if they used Ripple’s ODL solution.
The growth that we are seeing in Mexico and Latin America is also common among other regional areas in the world.
Southeast Asia and Africa are prime examples and it is expected that the Ripple network will successfully serve these areas as well.
Ultimately, the XRP ledger will continue to be more global as adoption continues to grow and more real world use cases are proven out.
#Ripple and #XRP Power Bitso's $3.3 Billion Cross-Border Transactions in 2022https://t.co/HcYP55Uxkz pic.twitter.com/i6RroclRQz
— ETHNews (@ETHNews_com) April 5, 2023
According to the Mexican crypto company’s release, thanks to Ripple and other partners, they were able to transfer $3.3 billion between the two countries in 2022.
This is a real-world utility, says Long, when the corridor between the U.S. and Mexico sees tens of billions of dollars in payments every year. Aaron Sears, managing director of the Americas at Ripple, also noted Bitso’s successful report.
He said that Ripple enjoyed Bitso’s success and that the two companies intend to continue their partnership in cross-border crypto transfers and connect more businesses in Latin America to the network.
According to the 2022 report, Bitso highlighted that they processed about $3.3 billion between US and Mexico, using XRP and othershttps://t.co/MdJKJnESmS
— el (@elmasya69x) April 6, 2023
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