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XRP Volume Flips Bitcoin (BTC) on Crypto Exchange Bitso As Ripple Gains Traction in Mexico

by Daily Hodl Staff
February 4, 2020
in Ripple and XRP

By a wide margin, XRP is now the top-traded cryptocurrency paired with the peso on Mexico’s largest crypto exchange, Bitso.

CoinMarketCap reports that Ripple’s native currency has leapfrogged Bitso’s Bitcoin/MXN pairing, with $5,139,329 in XRP volume compared to $806,619 for BTC, at time of publishing.

The volume is due in part to Bitso’s partnership with Ripple. The exchange facilitates Ripple’s XRP-powered cross-border payment solution called On-Demand Liquidity (ODL), assisting money transfer giant MoneyGram in moving 10% of its daily transaction volume between Mexico and the US.

Says Daniel Vogel, the CEO and co-founder of Bitso, in a recent interview,

“We are finally capitalizing on the huge cross-border flow that exists between the U.S. and Mexico, which is between $30 and $36 billion a year… We’ve built the product alongside with Ripple, and we’re seeing a significant amount of traction, and we believe that this is just the beginning of something…

The stretch goal that I have set for the company is that we get to 20% of the weekly remittances [between the US/Mexico corridor] by the end of 2020.”

Vogel also says his team is looking to expand into other parts of Latin America.

“We just launched a beta in Argentina, which should become a full-blown experience starting next month, and we have a team in Brazil that is actively looking into Brazil. It’s an interesting jurisdiction because it’s a large market — it’s the largest economy in Latin America.” 

Ripple launched its XRP remittance product in October of 2018. Its US-Mexico corridor recently hit an all-time high in daily volume, according to the Liquidity Index Bot.

 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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