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Ripple and XRP Power $179,000,000 in Cross-Border Remittances – An Exponential 55,000% Increase

Ripple and XRP Power $179,000,000 in Cross-Border Remittances – An Exponential 55,000% Increase

Mexico’s largest cryptocurrency exchange Bitso is reporting massive growth in the volume of its cross-border transactions utilizing Ripple and XRP.
The company’s co-founder and president, Daniel Vogel, says the remittances are rising exponentially in recent months.
“ On the side of Bitso, we have seen an exponential increase in the processing of remittances through the technology of Ripple, XRP, and Bitso. In April, we processed over 4.3 billion pesos in remittances.”
Between April 2019 and April 2020, the volume of Bitso remittances grew from 7.48 million pesos or $320,000 to 4.37 billion pesos or $179 million – an increase of 55,837%.
The largest crypto exchange in Mexico relies on Ripple’s On-Demand Liquidity solution (ODL) to power its borderless transactions using XRP as a bridge currency. The remittance platform works by converting a fiat currency in one country to XRP and sending the digital asset to a corresponding crypto exchange in another country, where it’s then swapped back to fiat.

In March, Bitso executive Bárbara González Briseño said that the solution offers tangible benefits.
“ We usually tend to see that a transaction, as we’re seeing through ODL, used to cost more than five times what it’s actually costing them right now… Another one is settlement, which is almost immediate, which you don’t see by any means in the traditional financial system.”
Bitso and Ripple first partnered in August of 2018, two months before Ripple officially launched ODL for use in commercial applications.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
The post Ripple and XRP Power $179,000,000 in Cross-Border Remittances – An Exponential 55,000% Increase appeared first on The Daily Hodl .

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