It looks like Ripple’s business operations overseas continue to expand at an impressive rate despite the ongoing lawsuit against the SEC in the US.
Bitso is known as one of the major partners of Ripple which uses XRP-based payment technology to do cross border settlements and remittances.
The Ripple partner just revealed that it had recorded a total of $3.3 billion of remittance transactions last year which is 3 times the amount of the previous year.
Such massive growth is especially impressive given that the global economy had bee suffering from inflation and Bitso was still able to capture the majority of the remittance market between the US and Mexico.
It is expected that this trend will continue for the rest of Latin America as well as the Asia Pacific region.
Bitso said it recorded the growth it quoted riding on its partnerships with outfits offering stablecoin and XRP technology payments. In general, the current traditional payment system makes remittance a very big deal for most people. With transactions costly and with a whole lot of delays in getting the funds, blockchain alternatives are largely becoming more attractive.
With the Ripple On-Demand Liquidity (ODL), most of the bottlenecks associated with remittances have finally been resolved, giving people extra ease to access funds in minutes.
According to Aaron Sears, General Director of the Americas at Ripple Labs Inc, the company is committed to solving any form of payment challenges that may arise.
“Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients. (…) and we look forward to continuing our alliance to bring cryptocurrency-powered cross-border payments to more businesses across Latin America,” he said, based on a Google translation of his statement per the report.
Ripple is also likely to continue to develop partnerships with other firms besides Bitso because Bitso has become a well known example of a successful implementation of XRP-payment technology.
The company had reported that the bulk of transactions were either done using stable coins of XRP which indicates that the usage volume of XRP will continue to increase over time.
Financial institutions that utilize blockchain technology have also realized that adoption of this technology is essential if they want to increase their market share or stay competitive.
This makes the XRP ecosystem one of the most attractive solutions which is why more and more insitutions are using XRPL outside of the US.
The data for 2023 is expected to surpass the volume that was recorded for 2022 due to the numerous amount of partnerships that were formed this year.
Despite the ongoing macroeconomic factors that have attacked the global economy, Bitso cross-border transactions have been thriving. Specifically, the remittance flow between the two North American countries has only grown stronger.
Crypto exchange Bitso stated the increase in remittance but also noted it’s happening as part of its partnership with XRP technology payments. Moreover, due to the presence of Ripple On-Demand Liquidity (ODL), the blockchain alternative to costly transactions has been answered. Subsequently giving access to funds at a much quicker rate.
Aaron Sears, the General Director of the Americas at Ripple Labs, noted their commitment to combating payment challenges. “Our collaboration with Bitso allows us to continue to offer unprecedented cross-border payments in Mexico, a key region for our clients,” he stated, according to Crypto News Flash.
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