- Bitso has reported a massive increase in its remittance volume aided by the XRP token.
- Ripple continues to make significant in-roads in the Asia Pacific region.
The influence of Ripple is expanding globally as a cross-border settlement outfit according to a new report from Bisto has showcased that the company’s associated XRP-based payment technology helped record an impressive record. As reported by CoinTelegraph, Bitso said it recorded total remittance transactions worth $3.3 billion in 2022, a figure that is three times greater than the volume reported in 2021.
The growth of the Bitso cross-border transactions comes despite the strain the global economy experienced in the past year with inflation generally reducing the purchasing power of most people. Despite this, the remittance flow between the United States and Mexico has grown stronger, with Bitso largely capturing a major part of the market.
Bitso said it recorded the growth it quoted riding on its partnerships with outfits offering stablecoin and XRP technology payments. In general, the current traditional payment system makes remittance a very big deal for most people. With transactions costly and with a whole lot of delays in getting the funds, blockchain alternatives are largely becoming more attractive.
With the Ripple On-Demand Liquidity (ODL), most of the bottlenecks associated with remittances have finally been resolved, giving people extra ease to access funds in minutes. According to Aaron Sears, General Director of the Americas at Ripple Labs Inc, the company is committed to solving any form of payment challenges that may arise.
“Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients. (…) and we look forward to continuing our alliance to bring cryptocurrency-powered cross-border payments to more businesses across Latin America,” he said, based on a Google translation of his statement per the report.
This Ripple’s commitment is being showcased in many regions ranging from Latin America to Asia Pacific region.
Ripple to aid Bitso’s LATAM expansion
According to Bitso, the bulk of its transactions were domiciled in stablecoins and XRP for the past year. Riding on the partnership it has been able to ink with blockchain entities, the company said it is banking on the superior technology on offer by these blockchain startups to expand its reach to other Latin American countries.
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Ripple has continued to face legal proceedings in the United States as the judiciary system is on the verge of determining whether or not the company sold XRP as a security to its early investors. While the investment status of the cryptocurrency is under contention, the claims of its payment technology and potential have never been in doubt.
Prior to the lawsuit, Ripple maintained a very favorable partnership with one of the biggest American payment technology companies, MoneyGram International Inc. Though the partnership ended when the SEC lawsuit was filed, Ripple has started making significant in-roads with Tranglo, its payment partner helping it to expand to new markets in the Asia Pacific corridor.
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