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How Ripple and XRP are providing cross-border payments in Mexico

Bitso, one of the largest cryptocurrency exchanges in Latin America, is using Ripple's on-demand liquidity (ODL) to provide frictionless cross-border payments and other financial services across the country. Latin America region.

Bitso and Ripple work together to create a faster and cheaper cross-border payment solution

World Bank data shows that as of 2017, more than 1.7 billion adults worldwide have not used a bank account. And about half of all people in Latin America and the Caribbean are below or unprotected. That is, these people do not have a bank account or financial institution.

How to Ripple and XRP in Mexico

With this challenge, the Bitso founders have envisioned a way to facilitate financial inclusion through digital asset technology for those who are not able in the region.

As a result, Bitso cooperates with Ripple, which is providing digital asset technology and providing on-demand Liquidation (ODL) services in the region.

ODL is a way to make cross-border payments or transfers, use the RippleNet network and thus bypass the traditional financial system.

As Bárbara González Briseño, Chief Financial Officer of Bitso, explained, to make cross-border payments from the United States to Mexico, for example, dollars are converted into XRP digital currencies. These XRP were then deposited into Bitso in Mexico, where they were immediately exchanged for Mexican pesos.

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Briseño claims that Bitso has paid the world's largest cryptocurrency in Mexican pesos for digital assets. Transactions occur instantly, are much more cost effective, and you know exactly when the recipient is received.

Bitso is expected to increase its market share ten times in Latin America by 2020

Bitso and Ripple have changed the way cross-border payments are made in the region. Taking effect, as of July 2019, Bitso reportedly saw a significant increase in adoption and volume of transfers through this technology.

The exchange says that with more than 11 million Mexicans living and working in the United States, the remittance market between the two countries is worth $ 35 billion per year.

“In 2019, Bitso has increased by 1.5% of that market and set a goal of 10-fold increase in 2020, by leveraging ODL, while expanding into other valuable corridors across Latin America.” .

Mr. Teacher

According to AZCoin News

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