The recent report from Ripple‘s important partner in Mexico, Bitso, has caught the attention of Ripple President Monica Long. Long specifically highlighted the company’s remarkable success in securing a significant portion of the remittance market between the United States and Mexico, primarily through its “Crypto for Business” service.
The report was initially published on Livecoins, and its findings indicate that Bitso has cemented its position as a leading player in the Latin American crypto landscape.
Bitso and Ripple have been collaborating on cryptocurrency transfers for several years, with Bitso emerging as a key partner for Ripple in the Latin American region and one of the largest users of its services. As a result, XRP has overtaken Bitcoin and Ethereum combined, accounting for almost 60% of Bitso’s trading volume.
In 2022, thanks to Ripple and other partners, Bitso was able to transfer $3.3 billion between Mexico and the United States, providing real-world utility to the tens of billions of dollars in payments that occur every year between the two countries.
Aaron Sears, managing director of the Americas at Ripple, expressed his pleasure at Bitso’s success and affirmed the two companies’ commitment to continuing their partnership in cross-border crypto transfers and connecting more businesses in Latin America to the network.
Santiago Alvarado, one of the vice presidents at Bitso, also expressed his intention to expand the number of companies and user organizations, citing 73% growth over the past year. The success of Bitso highlights the potential of crypto transfers to transform the financial landscape in Latin America and beyond.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
