Latin American Cryptocurrency Exchange Bitso Reaches One Million Users
Quick Take
- Bitso is currently one of the leading cryptocurrency exchanges in Latin America.
- Bitso also helps facilitate Ripple’s On-Demand Liquidity (ODL) solution.
Latin American cryptocurrency exchange Bitso, has surpassed one million users according to a tweet by the exchange.
The exchange is also backed by an investment Ripple and helps facilitate the company’s On-Demand Liquidity (ODL) solution. Ripple’s ODL solution enables participating institutions to source liquidity via XRP, netting massive cost savings as well as settling near-real time.
This innovative company plays a vital role in RippleNet’s US – MXN corridor by providing critical liquidity for payments. Earlier this year, Ripple launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico, with Bitso as the key exchange partner. As Ripple expands ODL in Latin America, so too will our partnership with Bitso.
Asheesh Birla (SVP of Product and Corporate Development at Ripple)
Ripple’s ODL solution offers numerous benefits, one of which is the lower cost compared to traditional remittance means. As a result, remittance customers get their money faster and with a far lower fee.
A typical wire transfer costs more than five times what Bitso’s partners now pay when they exchange using RippleNet’s ODL. Briseño believes that this is a game changer for corporate customers as it completely transforms how businesses manage their working capital. But it is the end customer who will truly experience the value of faster, cheaper cross-border remittances.
Bárbara González Briseño (Bitso Head of Finance)
Ripple To Likely Open More ODL Corridors This Year
As reported previously by The Crypto Associate, in an interview published by City A.M, Marcus Treacher, SVP of Customer Success at Ripple, shed some light on the company’s future plans, including ODL.
We have established On Demand Liquidity corridors into Mexico, the Philippines, Australia and Europe, and we’re hoping to further this expansion by opening corridors to APAC and EMEA this year.
Marcus Treacher (SVP of Customer Success at Ripple)
According to Utility-Scan.com, the USD-MXN pair is the busiest corridor at the time of press with over $2 million in 24-hour ODL volume.
Cover Image By: Martin Sanchez via Unsplash
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