For example, Bitso’s partnership with companies like Ripple helped the Mexican platform move billions of dollars to the US, enabling financial transfers using cryptocurrencies. The use of the XRP token was highlighted in cross-country transactions.
In 2022 alone, Bitso moved more than $3.3 billion between the United States and Mexico through its “Crypto for Business” service. The highlight was for remittance companies and payment processors.
In a note to Livecoins, the exchange says that this volume is three times greater than that processed by Bitso in 2021. Thus, it shows that more and more companies and institutions are turning to crypto as a cross-border solution, given the speed and low costs that crypto technology offers. offers.
Bitso Acknowledges Ripple Partnership Helped Trip Cryptocurrency Remittances
The record was due to strategic alliances with partners such as Ripple, a leading blockchain and cryptocurrency business solutions company.
These alliances allow more companies to access crypto technology to move their money instantly and at a low cost to and from Mexico and soon more Latin American countries.
Aaron Sears, CEO of Ripple for the Americas, understands the company’s commitment to bringing payment instruments to businesses in Latin America.
“Ripple has been committed from day one to solving the real problems of its customers through the use of crypto and blockchain technology. Our partnership with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, an important region for our customers. We are excited to see the significant growth of Bitso’s business and look forward to continuing our partnership to bring cross-border cryptocurrency payments to more businesses in Latin America.”
Santiago Alvarado, vice president of products and B2B at Bitso, highlights the good 2022 for the company, which showed facilities and low fees in transactions with cryptocurrencies.
“In the past year alone, we have increased the number of companies and institutions using Bitso as a financial service by 73%, and we are excited to see cryptographic technology increasingly finding scope to improve financial services and impact lives. We will continue to work to be a key ally of those companies that want to move their money more efficiently, in the shortest possible time and at the lowest cost.
Using XRP and Stablecoins for money transfers
International transfers made through Bitso are usually made with stablecoins or cryptocurrencies such as XRP. This is a digital asset that serves as a bridge between two currencies to enable faster and cheaper international transactions.
The strategic alliance between Bitso and Ripple will make it possible in the future to expand the offer of transfers with the United States to more countries in Latin America.
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.
