XRP investors are tracking an upcoming announcement from Spanish banking giant Santander.
Santander chairman, Ana Botin, tells Bloomberg the company plans to officially announce the launch of a new remittances program next week.
“At the other end of the spectrum, many Mexicans are sending I think $35, $36 billion every year from the US to Mexico. We are launching a fast, competitive remittances program initially just from the Santander branches to any bank in Mexico.”
Santander is a long-time Ripple partner that uses the company’s payment messaging system, which is designed to rival Swift, in its payment app One Pay FX.
@AnaBotin (Santabder Chairman) announcing on @business that Santader are launching a remittances product between US and Mexico … as #Ripplenet customers is it just a coincidence that it's just Mexico ??#XRPCommunity #xrp pic.twitter.com/CFfvER4ePy
— 𝖷𝖱𝖯ѕтєνє (@XRPSteve) November 20, 2019
Mexico is one of the first countries where On-Demand Liquidity is up and running.
Ripple partner MoneyGram says it’s currently processing 10% of its transaction volume between the US and Mexico using ODL.
Although XRP enthusiasts have long searched for signs that Santander will also begin using XRP as a bridge currency, so far the company has remained silent on whether it’s exploring the use of the third-largest cryptocurrency by market cap.
Santander’s help desk on Twitter mistakenly said the company uses XRP back in March, and later clarified it does not currently use digital assets.