Even with everything going on in the world, Bitso exchange has seen an exponential growth in the processing of remittances through Ripples technology.
Towards the end of 2018, Bitso began working with Ripple to build and test a solution for the problem of slow and expensive cross-border transfer from the U.S. to Mexico. Using RippleNet’s On-Demand Liquidity (ODL) service, the company can convert U.S. Dollars into the digital asset XRP, then send the XRP via Bitso’s banking partners where it is exchanged for Mexican pesos, all in less than a minute.
“ODL is amazing,” explained Briseño. “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.”
According to Bitso, In April, they have processed more than 4.3 thousand million pesos. Using Ripple’s On-Demand Liquidity, Mexican crypto exchange, and remittance service, Bitso plans to process 20% of all cross-border transfers to the country.
In April, we processed more than 4.3 thousand million pesos [~USD$179M] in remittances.
— Arturo Portilla (@Arturo_P_A) May 5, 2020