Remittances Through XRP Pick up Significantly on Bitso

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Ripple continues to make inroads in the remittance and money transfer industry. Bitso, one of the many companies leveraging ODL, notes very solid growth in this department.

Unlike other projects, Ripple has never targeted the pure cryptocurrency space.

Major XRP Usage Growth by Bitso

Instead, the company provides infrastructure for the financial sector.

That has proven to be a successful approach, primarily because so many companies leverage this technology.

One company doing so is Mexican crypto exchange Bitso.

The company uses On-Demand Liquidity for its XRP/MXN payment corridor.

Over the past month, the volume processed through this corridor has increased significantly.

Over 4.3 billion peso has been transferred over ODL.

That roughly translates to $179 million, all of which is powered by Ripple’s XRP.

Compared to March 2020, that is a near $68 million increase month-over-month.

It appears that Mexico is one of the regions where Ripple and its technology can make a significant impact moving forward. 

If this growth continues, Bitso may reach its target of 20%.

More specifically, the company wants to power 20% of all remittances to Mexico through Ripple’s On-Demand Liquidity.

Initially, that seemed to be an ambitious goal, but it could be reached relatively quickly if this rate of growth continues.

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