San Francisco-based fintech firm Ripple is leading the Series A2 investment round in Mexico’s largest digital asset exchange Bitso, according to an announcement released today.
Asheesh Birla, senior vice president of product at Ripple, will be joining Bitso’s board of directors and will support the exchange as it expands into new regions including Argentina and Brazil.
“Technologies like blockchain and digital assets could transform the remittance landscape by making it easier, quicker and cheaper to send money across borders. At Ripple, we are building new rails and working with our infrastructure partners to make this future a reality.”
Founded in 2014, Bitso is the first crypto exchange launched in Mexico and one of Ripple’s key business partners. The exchange has more than 750,000 users and provides a platform for trading Bitcoin with the Mexican peso. Bitso is opening up the US-Mexico trading corridor by using Ripple’s On-Demand Liquidity (ODL) offering.
Last month, XRP/Mexican peso trading volume surpassed Bitcoin/peso levels on Bitso.
— Daniel Vogel (@vogelbit) September 13, 2019
Birla says he met the Bitso team in 2014 and learned that the company’s technology could facilitate cross-border payments faster than large banks.
Bitso Active Markets
XRP currently leads crypto trading volume on Bitso against the Mexican peso and is roughly three times greater than BTC trading volume, according to data compiled by CoinMarketCap.