Monday, March 1, 2021

Bitso CEO: About $3 Billion in Remittances from United States to Mexico Use XRP-Powered ODL

Daniel Vogel, the Chief Executive Officer of the Mexico-based cryptocurrency exchange, Bitso, has revealed that Ripple’s XRP-powered cross-border payment product, On-Demand Liquidity (ODL), is used to move relatively 10% ($3 billion) of the remittance volume from the United States to Mexico.

According to Pew Research Center, over $30 billion was sent from the United States to Mexico in 2017, which makes this remittance corridor seen as one of the busiest in the world.

So, this implies that XRP-powered ODL has been responsible for $3 billion of the remittances from the U.S. to Mexico.

Read Also: Bitso Sees Exponential Increase in Remittance Processes via Working with Ripple and XRP

In a recent article published by Ripple, Vogel pointed out that “It’s been a long journey for us navigating the regulatory landscape in Mexico. We’ve played a strong hand in shaping it as well. Today, Mexico has a… comprehensive set of regulations if you want to build a crypto business in the country.

“I am very pleased that we’ve been able to secure meetings with folks at basically every relevant regulatory institution in Mexico or a regulatory agency in Mexico. We have always found individuals in each of those institutions that are willing to listen and who are intrigued by the technology.”

XRP Seamlessly Serves As a Bridge Currency

According to Vogel, XRP seamlessly serves as a bridge currency between US Dollars and Mexico Pesos via Bitso exchange’s remittance rails.

Vogel noted:

“In our case, we’re assisting in the conversion of US Dollars to Mexico Pesos where the digital asset XRP is a bridge currency. We’re processing close to 10% of the remittances from the US to Mexico through ODL.”

Read Also: Ripple CEO: I Own and Bullish on Bitcoin; XRP Needs Favorable Regulatory Framework in US as BTC

Bitso Exchange Expands Its Service to Argentina

A couple of months ago, Bitso exchange expanded its service to Argentina. Over 100,000 of the people of Argentina are already leveraging the exchange’s service, making the exchange the largest in Latin America.

“We believe that in Latin America you have an immediate area of opportunity for building real use cases… because trust in financial institutions is eroded, access is very limited and there’s just a very big need for these financial services and products. We really believe that a radically improved financial system is being created on top of this technology.” Vogel added.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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