Daniel Vogel, the CEO of Bitso, the largest cryptocurrency exchange in Mexico, has spoken about how his firm is utilizing XRP token and Ripple software to grip from the $35B worth of remittance that flows across the United States and Mexico border every year.
The CEO, whose firm is linked to the fund movement of MoneyGram into Mexico through the Ripple’s On-Demand Liquidity (ODL), was interview during an episode of Messari’s Unqualified Opinions hosted by CEO Ryan Selkis.
According to the CEO, through the ODL, Bitso saw $18M XRP remittance volume in the last week of December, and the firm is racing to take 20% of the weekly US-Mexico remittance before 2020 ends.
The CEO highlighted how Bitso started to become a Ripple gateway, and how the exchange, in the last 24 months, has been working on not been susceptible to the huge crypto weather that saw the volumes on notable exchanges go down.
“We were actually increasing our volume and this is because we’ve spent a long time finally building a remittance solution which you alluded to in the introduction,” Vogel said responding to a question on how the exchange has fared in the last couple of years.
“For us this is very important because it goes back to crypto utility, it goes back to a business model where you don’t necessarily need to depend on crypto prices increasing for your businesses to do very well.”
Vogel said Bitso is finally capitalizing on the huge cross-border flow from US to Mexico, which is about thirty-three billion dollars year flows.
At this moment, he said his exchange built a product alongside Ripple and there is significant traction, saying the innovation is just the beginning of exciting and interesting stories about the exchange.
Bitso is the official exchange used for On-Demand Liquidity in Mexico. The CEO said the liquidity volume has significantly increased.
“For us as a business it’s been great because you don’t depend on that crypto weather… as an organization are things that you can actually control and supposed to be one of the most frustrating things,” he said, talking about the On-Demand Liquidity, which survives on XRP.