Mexico’s 1st BTC exchange Bitso’s Head of Finance Bárbara González Briseño spoke about how Ripple and Bitso partner, and how it helped the company to deliver friction-free exchange.
Bitcoin with Mexican Peso trading providing platform, Bitso is considered the largest exchange in Latin America nowadays. As Ripple’s official website states, Bitso has the largest liquidity of Mexican pesos in the world, adding: “We’re MoneyGram’s key exchange partner for remittances into Mexico,” Briseño said.
In the end of 2018, the partnership between Ripple and Bitso got started in order to solve the issue of high-priced and slow cross-border transfers from the United States to Mexico. As a result, the platform is able to convert the United States Dollars into crypto asset XRP, then send the XRP via Bitso’s banking partners where it’s exchanged for Mexican pesos within less than a minute by using On-Demand Liquidity (ODL) service of RippleNet.
With Briseño’s words the transaction happens immediately and it’s much more economical. She added: “Since July 2019, we have seen a major increase in adoption and the volume of transfers we’re facilitating.”
A regular bank transfer generally costs 5 times more than what Bitso’s partners now pay when they exchange using ODL. As this fully changes the way of working capital management by businesses, Briseño is sure that it can become a turning point for them.