Wednesday, November 25, 2020

XRP Success Story: Bitso Exchange Helps People Send Money From US to Mexico

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With Bitso Head of Finance Bárbara González Briseño — Bitso’s exchange service in Latin America serves as a shining example of how blockchain-based technology and digital assets – in this case On-Demand Liquidity (ODL) and XRP – are changing how people send and receive money internationally.

Sending money from the US to Mexico has traditionally been plagued by high fees. Enter Bitso, with founders envisioning a world where cryptocurrency could be useful helping the underbanked population. Bitso paired with Ripple to create use cases that would bring digital asset technology to Latin America.

Today Bitso has dominated the liquidity index for XRP/MXN (peso), hitting recent highs in February 2020. By providing On-Demand Liquidity (ODL) on the Bitso exchange, Bitso helps facilitate cross-border payments or remittances without having to go through a traditional banking system. Dollars get converted to XRP: XRP get converted to Mexican pesos.

As a result, Ms. Briseño has found that settlement is faster, and transaction costs cheaper. She sees Ripple Technology and the Bitso – Ripple partnership as an opportunity to change how global international payments are performed in service of growing financial inclusion for those who need economic opportunity the most.

FOR ADDITIONAL VIEWING: To unlock Barbara’s recent panel at Swell and other premium content, go here: http://bit.ly/2ToskPy