Mexico sees massive increase in billions of dollars using XRP tech
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Loading... - Rodriguez Amelia
- 20 Apr 2023
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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. Read More…
