Ripple news: XRP volume on Bitso overtakes Bitcoin & BitMEX introduces perpetual swap

  • The trading volume of Ripple’s XRP on the Mexican exchange Bitso has clearly overtaken that of Bitcoin.
  • The crypto derivatives exchange BitMEX will introduce an perpetual swap contract for XRP with up to 50 times leverage on February 5.

Ripple’s XRP has become the cryptocurrency with the highest trading volume on Bitso, the largest Mexican crypto exchange, and has more than clearly overtaken Bitcoin (BTC). Paired with the Mexican Peso (MXN), XRP’s trading volume in the last 24 hours was USD 5.42 million, significantly higher than Bitcoin’s USD 967,098.

bitso

Source: https://coinmarketcap.com/exchanges/bitso/

The reason for the extremely high trading volume of XRP is Ripple’s partnership with the exchange. In October 2019, Ripple entered into a partnership with Bitso to use the platform for the execution of cross-border payments via the On Demand Liquidity technology. Bitso will be responsible for converting XRP payments into the national currency, the Mexican peso.

The increase reported by Coinmarketcap is in line with the Liquidity Index Bot, which reported a further significant increase of over 10 million XRP (per day) in the XRP/MXN payment corridor since mid-January.

In a recent interview, Daniel Vogel, CEO and co-founder of Bitso, said that Bitso is pursuing major goals together with Ripple. By the end of the year, Vogel and his company aim to capture 20 percent of the weekly remittance market share in the U.S./Mexico payment corridor:

We are finally capitalizing on the huge cross-border flow that exists between the U.S. and Mexico, which is between $30 and $36 billion a year […] We’ve built the product alongside with Ripple, and we’re seeing a significant amount of traction, and we believe that this is just the beginning of something […]

The stretch goal that I have set for the company is that we get to 20% of the weekly remittances [between the US/Mexico corridor]by the end of 2020.

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Vogel also said that with Bitso he is planning to expand into two promising countries in South America:

We just launched a beta in Argentina, which should become a full-blown experience starting next month, and we have a team in Brazil that is actively looking into Brazil. It’s an interesting jurisdiction because it’s a large market — it’s the largest economy in Latin America.

BitMEX introduces perpetual swaps for XRP

The crypto derivatives exchange BitMEX announced today that it is introducing a new open-ended swap contract for XRP. The XRP/USD swap contract will go live at 4:00 UTC on February 5. Arthur Hayes, co-founder and CEO of BitMEX announced the news via Twitter. With regard to a possible criticism from some crypto enthusiasts, Hayes said he does not care what XRP is called by them because it is worth more than zero.

Is it called Ripple, XRP, or dogshit? Who knows, who cares. It’s worth more than zero so it’s time to trade the USD pair on BitMEX. Boo-Yaka-sha!

According to the information on BitMEX’s website, the contract will offer up to 50x leverage. The total margin is expressed in Bitcoin, which means that traders can only buy or sell the contract with Bitcoin.

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About Author

Jake Simmons has been a crypto enthusiast since 2016, and since hearing about Bitcoin and blockchain technology, he's been involved with the subject every day. Beyond cryptocurrencies, Jake studied computer science and worked for 2 years for a startup in the blockchain sector. At CNF he is responsible for technical issues. His goal is to make the world aware of cryptocurrencies in a simple and understandable way.

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