XRP Took Up 60% Of Total Volume On Latin American Crypto Exchange

August 17, 2022 6:33 pm

According to a analytics company called Kaiko, it seems that XRP makes up 60% of trading volume on one of the biggest Latin American crypto exchanges.

The exchange is known as Bitso and is considered one of the two largest exchanges in all of Latin America so the fact that XRP took up more than half of the entire trading volume is extremely impressive.

One of the major reasons for this is due to the fact that there is a partnership between Bitso and Ripple where Bitso is essentially Ripple’s On-Demand Liquidity Corridor in Latin America.

Due to this partnership, the popularity of XRP on the exchange has skyrocketed and has achieved extremely large turn over numbers.

U.today reports:

Thanks to this partnership, concluded just under two years ago, Bitso has been able to increase the number of users, users have been able to optimize remittances coming out of the United States, Ripple has established a solid presence in this active and intense market and XRP has gained extremely large turnover numbers.

Mexico-based Bitso received investment from Ripple Labs in the fall of 2019, a few months before becoming the company’s ODL corridor. Since then, the exchange has gained momentum, and a look at data from Kaiko shows that the rivalry with Mercado Bitcoin for regional supremacy is nominal.

Meanwhile, while the U.S.-Latin America remittance market is valued at more than $35 billion, Bitso’s estimate is at least $2 billion as of now, according to Kaiko.

As a result, Ripple has certainly been able to take advantage of the huge Latin America remittance market which is valued at more than $35 billion.

With such a large exchange now becoming one of the top choices in Latin America and it relying on Ripple for its On-Demand Liquidity service, it seems that both have benefit greatly from the partnership.

It is expected that this may also continue with other exchanges that also decide to use Ripple’s services in the future.

U.today concludes:

Meanwhile, while the U.S.-Latin America remittance market is valued at more than $35 billion, Bitso’s estimate is at least $2 billion as of now, according to Kaiko.

It is hard to overestimate the work done here by Ripple and Bitso, when both companies have managed not only to multiply their own successes but also to optimize monetary relationships between ordinary people as a result.

On the legal side of things, recent developments have once again turned in Ripple’s favor as the judge has ordered for the authentication of videos of SEC officials.

In fact, with so much new information that supports Ripple’s defense, the lawsuit is coming closer and closer to an end where Ripple may be the winner.

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