Ripple’s XRP Has Now Become A Crypto Heavyweight In Latin America

[bitcoinisking]

Ripple has published an article showing the inside of the collaboration between MoneyGram, Ripple and the Mexico-based Bitso digital exchange, which has now become a crypto heavyweight in Latin America.

The head of finance at Bitso, Bárbara González Briseño, says that Ripple has turned transnational payments to Mexico into a fast and low-cost process. It has also given a great deal of the unbanked population there access to finance.

Ripple’s ODL and MoneyGram have completely changed the way remittance now works from abroad to Mexico, says Briseño. Ripple has transformed Bitso itself, she adds.

“We have the world’s largest liquidity of Mexican pesos to digital assets and are MoneyGram’s key exchange partner for remittances into Mexico.”

Link: https://azcoinnews.com/ripples-xrp-has-now-become-a-crypto-heavyweight-in-latin-america.html

[aavkk]

Great article and this below is what gets me jazzed about the recent India and S Korea news which would appear to open up those regions to ODL.  The use case is being solidified right here and if 5x cheaper than a typical wire will be rolled out globally.  Particularly when you see how it streamlines back office Ops, Accounting and Reconciliation departments at corporates.  

 

"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.

“There are millions of migrant workers in the U.S. who send money back to Mexico,” she said. “Their families are often surviving week to week on these remittances, so the immediateness of ODL versus the traditional process that took days is significant. Also, the costs are a fraction of wire transfer fees so more of the sender’s hard-earned money makes it back to their family.”

With more than 11 million Mexicans living in the U.S., Bitso estimates that the remittances market between the two countries is worth USD $35 billion a year. In 2019, Bitso gained 1.5% of that market and aims to increase its share by ten times that in 2020, by leveraging ODL, while also expanding to other valuable corridors across Latin America."