Bitso exec speaks on how Ripple partnership has helped the exchange
|- Bitso exec Bárbara González Briseño said that Ripple’s On-Demand Liquidity service is fast and cost-effective.
- She noted that with the help of Ripple, Bitso is now the largest crypto exchange in Mexico.
The head of finance at Bitso, Bárbara González Briseño, spoke about her firm’s partnership with the fintech firm Ripple. Bitso is one of Mexico's largest crypto exchanges. It was founded in 2014 and its backers include Ripple, Coinbase, Digital Currency Group (DCG) and Pantera Capital.
In an earlier blog post (published in October 2019), Asheesh Birla, SVP of Product & Corp Dev at Ripple, explained the reasons for Ripple's interest in Latin America and its investment in Bitso:
In 2018, remittance flows into Latin America and the Caribbean increased by almost 10%, with Mexico receiving the largest amount of these payments in the region with over $35.7B transacted every year.
Remittances are vital for the economy and an important source of financial support for many households in the region. Technologies like blockchain and digital assets could transform the remittance landscape by making it easier, quicker and cheaper to send money across borders.
At Ripple, we are building new rails and working with our infrastructure partners to make this future a reality.
Speaking of Bitso's role in RippleNet's US - Mexico corridor, he added:
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.
In a recent interview, Briseño explained how Bitso had benefited from its partnership with Ripple:
wwt’s my experience as a corporate customer. It’s an even bigger problem for retail customers, especially families whose rent, groceries and educational costs depend on remittances from relatives working abroad.
Regarding Ripple’s XRP-powered On-Demand Liquidity (ODL) service, she said:
ODL is amazing. The transaction happens instantly, is much more cost-effective and you know exactly when the recipient receives it. Just a few months after starting work with Ripple, we were able to offer a fully functioning solution to our partners. Since July 2019, we’ve seen a major increase in adoption as well as the volume of transfers we’re facilitating.
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