By Solomon Odunayo
According to a recent update, Bitso, the arguably largest Latin American cryptocurrency exchange based in Mexico, has seen an exponential increase in the processing of remittances via Ripple’s technology and the digital token XRP.
Recall that the Mexican cryptocurrency exchange Bitso is one of Ripple’s On-Demand Liquidity (ODL) partners. And the performance has been outstanding and productive since their collaboration.
Bitso Sees Exponential Increase in Remittance Processes
This latest development was passed across by Arturo Portilla, Mexican tax and fintech Lawyer, via his official Twitter handle.
According to the report, in April 2020, Bitso exchange processed over $179 million in remittances. Also, a chart to prove the exponential growth of Bitso, thanks to Ripple and its digital token XRP, was captioned in the report.
Arturo Portilla shared this, “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”
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" https://t.co/Q0cN7MEYlf pic.twitter.com/Z0gfarGQhb
— Arturo Portilla (@Arturo_P_A) May 5, 2020
More on How Partnership with Ripple Has Helped Bitso Exchange
In an interview held sometimes in March 2020, Bárbara González Briseño, the head of finance at Bitso exchange, spoke about her company’s partnership with the US-based blockchain tech, Ripple.
In the conversation, Briseño explained how Bitso had benefitted from its collaboration with Ripple.
She said:
“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.”
Speaking about Ripple’s On-Demand Liquidity (ODL) service powered by XRP, she said:
“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.”