Ripple says it’s now pushing significant volume in one of the largest remittance corridors in the world.
In a new interview on CNN’s First Move, Ripple CEO Brad Garlinghouse says the company’s XRP remittance platform processed $54 million worth of transactions from the US to Mexico in the first week of February.
“Last week, we did $54 million of XRP flows into Mexico. That’s 7.5% of all flows from the US dollar to Mexican peso. That’s up from 3% in December. So this is growing very quickly.”
According to Garlinghouse, the rapid growth is a sign that Ripple is solving a problem that benefits the everyday customer.
“You have to focus on a real problem, a real customer and drive that utility. With 7.5% of liquidity into Mexico are being driven through XRP, you start to really see that it is not a science experiment.”
Ripple partnered with the Mexico-based crypto exchange Bitso to facilitate XRP settlements into the country, and the exchange is now processing 10% of MoneyGram’s flows into Mexico using XRP.
Bitso senior analyst Emilio Rivero Coello says that cryptocurrency can settle transactions in a matter of seconds while reducing fees by 2.83% to as much as 5.62%.
“In the last couple of months, Bitso has seen exponential growth in the volume of remittances sent from the United States to Mexico.
By leveraging the technology of a cryptocurrency exchange, Bitso is able to provide other financial institutions with on-demand liquidity for global payments. This allows transactions to be sent in less than 90 seconds, which is profoundly less time that the 3 to 5 days it takes using traditional methods.”
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