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.”
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 loses 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.
Featured Image: Shutterstock/Yurchanka Siarhei