Bitso, a prominent cryptocurrency exchange based in Mexico, has recently teamed up with Mastercard to introduce a new debit card. This innovative offering enables Bitso users to utilize their Mexican Peso (MXN) balances in their Bitso wallets to make payments anywhere Mastercard is accepted. However, this card is exclusively available to Mexican residents who have completed the KYC procedure.
As one of Ripple‘s primary partners in the region, Bitso has enabled instant money transfers for millions of Mexican workers through their partnership with Ripple. Over the last four years, Bitso has leveraged Ripple’s services, such as on-demand liquidity, resulting in XRP vs. MXN accounting for 54% of all trading volume on the exchange.
In comparison, Bitcoin (BTC) versus MXN lags with a share of only 12%. While it’s challenging to gauge the precise impact of the Bitso card launch on Ripple, it appears to be a mutually beneficial situation for XRP.
For instance, the total sum of all XRP volumes on all pairs on Bitso amounts to $19.64 million, with an overall exchange value of $31.42 million, which demonstrates XRP’s potential on the platform.
In Mexico, the largest XRP liquidity holder is set to take the adoption of cryptocurrency services to the next level by launching debit cards in partnership with Mastercard. This co-branded offering has the potential to revolutionize the way cryptocurrency is used in the country.
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