Bitso Sees Robust Growth in Remittance Transactions via Ripple

Bitso Sees Robust Growth in Remittance Transactions via Ripple

Bitso, Mexico’s first Bitcoin exchange, has witnessed an unprecedented growth in remittance transactions through Ripple’s technology and the digital token XRP.

The exchange is one of one of Ripple’s On-Demand Liquidity (ODL) partners, and its performance has been outstanding since their partnership.

Bitso sees robust rise in remittance transactions

The company has processed more than $179 million in remittances, according to a recent report by Mexican tax and fintech lawyer Arturo Portilla.  

Arturo Portilla said on his Twitter account:

“BREAKING: Bitso has seen an exponential increase in the processing of remittances through Ripple’s technology, XRP, and Bitso. In April, we processed more than 4.3 thousand million pesos [~USD$179M] in remittances. Below a chart with the remittances processed this year.”

Bárbara Briseño, head of finance at Bitsoe, earlier commented on her company’s collaboration with Ripple.

She indicated how the company benefitted from its partnership with Ripple.

“With my experience as a corporate customer. It’s an even bigger problem for retail customers, especially families whose rent, groceries, and educational costs depend on remittances from relatives working abroad.”

“ODL is amazing. The transaction happens instantly, is much more cost-effective and you know exactly when the recipient receives it. Just a few months after starting work with Ripple, we were able to offer a fully functioning solution to our partners. Since July 2019, we’ve seen a major increase in adoption as well as the volume of transfers we’re facilitating,” she added.

Cryptolydian earlier reported that Forte, one of Ripple’s largest investment arms, has been using the digital token XRP to make transformation in the $140 billion gaming market.

Last year, Ripple’s investment arm Xpring has spent $100 million on supporting Forte to bring the blockchain-based games to the mainstream.

Ripple stated:

“Forte’s community-focused platform arms developers with the necessary tools and services that make it easy to integrate blockchain technology in-game economies, enabling more equitable business models, deeper player engagement, and entirely new types of digital interactions…”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.