Back from vacation and well-rested so let’s go! Ripple announces today that they have invested in Bitso. Bitso is a Mexican Bitcoin exchange that operates a BTC/MXN market with support for instant deposits and withdrawals through Mexico’s SPEI banking system. We learned of this information today from Asheesh Birla on twitter:
— Asheesh Birla (@ashgoblue) October 14, 2019
So why is this massive news? This all ties into the MoneyGram deal and Ripples “re-branding” from earlier this year to On-Demand Liquidity or as most XRP fans know it ODL. Mexico is one of the few corridors currently open and Bitso is the key exchange to this corridor. With Ripples investment we can only guess that On-Demand Liqduity in Latin American is going to expand and Bitso will play a massive role. In 2018 remittance payments to Mexico were over $35.7 billion. Bitso is the largets Mexican exchange with over 750,000 customers and growing.
With Ripple’s constant work with regulators and safeguarding how they operate, Ripple was able to lead Bitso in the correct path as they have become the 1st DLT licensed exchanged regulated bu the GFSC (Gibraltar Financial Services Commission). Gibraltar Financial Services Commission aim is to protect consumers, enhance the reputation of Gibraltar as a quality financial services center and promote good business.
The GFSC supervises a broad range of firms including auditors, banks, company managers, e-money institutions, professional trustees, payment services providers, funds and fund service providers, insurance companies, managers and intermediaries, investment firms, and insolvency practitioners. Firms that wish to do business in or from within Gibraltar must meet our standards and criteria both at the application stage and on an on-going basis. Our supervisory work focuses primarily on the way firms are operated and governed and the identification of risks to consumers and the reputation of the jurisdiction more generally.
Ripple without a doubt will be expanding all over Latin America and Bistro is going to help lead the way. Exciting times ahead!