Powered by xRapid, XRP Surpasses Bitcoin in Volume on Bitso
The XRP/Mexican peso trading volume surpassed Bitcoin/peso levels on the Mexico-based cryptocurrency exchange Bitso on Friday, thanks in part to a surge in xRapid volume.
Daniel Vogel, the CEO of the exchange, retweeted XRP Research Center’s announcement, noting that Bitso is “building use cases.”
— Daniel Vogel (@vogelbit) September 13, 2019
Bitso is one of a handful of exchanges that have signed up to accept fiat from financial institutions and execute transactions through xRapid, an XRP-powered cross-border payments solution from Ripple.
Vogel, who earned his computer science degree from Stanford and his MBA from Harvard, says Bitso is building the digital currency ecosystem in Mexico by offering “a bridge for participants to connect between novel financial platforms, like Bitcoin and Ripple, and the Mexican Peso.”
CoinMarketCap briefly reported XRP as having a 24-hour trading volume with MXN of more than $1.6 million, compared to the BTC/MXN 24-hour volume of less than $1.45 million.
XRP/MXN trading volume has since returned to second place, with CoinMarketCap reporting a 24-hour volume of around $1.1 million compared to more than $1.6 million between the BTC/MXN pairing.
Bitso’s Liquidity Index also recently broke its previous all-time high.
September 13, 2019.
📢 xRapid activity update:
The Mexico @Bitso Liquidity Index just broke previous all-time high.
— XRP Research Center (@XrpCenter) September 13, 2019
Twitter’s Tenitoshi, who has been tracking xRapid’s impact on Bitso, weighed in on the recent developments.
The latest liquidity index on Bitso XRP/MXN.
The index is shown in XRP (blue) & MXN (red).
— てにったー (@tenitoshi) September 13, 2019
In its Q2 XRP Markets Report, Ripple reported a 170% rise in xRapid volume over the previous quarter.
“Q2 saw the highest number of customer transactions on RippleNet. In fact, the number of xRapid transactions increased 170% from Q1 to Q2 and Ripple had a 30% increase in the number of live xRapid partners in Q2.
Ripple anticipates this momentum in transaction volume to continue as more partners and customers go live.”