Cointelegraph said that the amount of money moving through the Ripple payment corridor between the US and Mexico had increased by billions, particularly with the help of the company’s technologies. On the other hand, Bitso’s total remittance transactions in 2022 were worth $3.3 billion.
This is a rise of more than three times the amount thought to be happening in 2021. Also, the development continues to make Ripple and its native XRP token more important worldwide.
Ripple’s (XRP) Global Significance
When people in the digital asset industry hear “Ripple,” they often think about the ongoing legal battle with the SEC. On the other hand, news today said that the company is becoming more important worldwide outside of its legal dealings with the US regulator.
In particular, Cointelegraph said that the money moving through the Ripple payment corridor between the US and Mexico had grown by billions of dollars. The XRP token has also helped this number a lot.
Even though global macroeconomic factors have been hurting the economy for a long time, Bitso cross-border transactions have been doing well. In particular, the money flow from one country to another has only strengthened.
Bitso said that the number of remittances was increasing, but it also said that this was happening because of its partnership with XRP technology payments. Also, Ripple On-Demand Liquidity (ODL) has answered the question of how blockchain can be used as an alternative to expensive transactions. The result is that people can get the money much faster.
Aaron Sears, Ripple Labs’ General Director for the Americas, said the company is committed to solving payment problems. According to Crypto News Flash, he said, “Our partnership with Bitso lets us continue to offer unmatched cross-border payments in Mexico, which is a key area for our clients.”