It is no news that Ripple has invested into Bitso, Mexican largest cryptocurrency exchange. The investment in Bitso, according to a detailed announcement by Ripple, is born out of the need to tap from the growing remittance industry in the Caribbean, which Mexico is at the forefront.
Here’s what We Know About Ripple’s Investment Bitso
Since blockchain makes cross-border remittance cheaper, easier and quicker, Ripple’s decision to invest in Bitso is actually targeted at capturing the enclave, increasing its rails while also working with infrastructure partners to increase the use of XRP.
Asheesh Barla, SV Product at Ripple, is joining Bitso board of directors. He said he met the Bitso team back in 2014 and was taken aback by the technology they were building.
The Bitso team, made up of 4 persons, were able to build tech working perfectly, better than big banks.
Bitso is a Key Ripple Partner
Birla, in a release, said the Bitso team have been very supportive. The firm is playing a big role in RippleNet’s US – MXN corridor by offering needed liquidity for payments.
Even before Ripple partnered MoneyGram, Bitso has been a good helper working to enhance the adoption of XRP token.
After Ripple partnered with MoneyGram and launched On-Demand Liquidity (ODL) into Mexico, Bitso has been a major player in the deal.
The expanded partnership with Bitso came as a result of Ripple increasing its potential in Latin America.
Although it was founded in 2014, Bitso user base stands at 750,000. The exchange is Latin America’s first DLT licensed exchange regulated by the Gibraltar Financial Services Commission (GFSC). Today, Bitso stands as the most reliable and recognized exchange in LatAm.
End Result
Although Ripple did not mention how much was invested in Bitso, however, the likes of Jump Capital, Digital Currency Group, Pantera Capital and especially Coinbase have also invested in Bitso.
Above tells the cryptocurrency world that the collaboration between Ripple and Bitso has the potential of yielding a very good result in the end as Bitso stands the chance of becoming a renown cryptocurrency exchange beyond LatAm.
At the time of writing, a news publication has it that Bitso has received a whopping 10 percent increase in XRP liquidity, moments after the Ripple partnership agreement.
