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Ripple partner: Bitso inaugurates payment corridor between Argentina and Mexico

  • Ripple’s partner, Bitso has launched a payment corridor between Mexico and Argentina. 
  • The payment corridor has been opened for the Bitcoin (BTC) / ARS (Argentinean peso) pair.

The Mexican exchange Bitso has become one of Ripple’s most important partners. The cooperation has opened payment corridors for Ripple’s On Demand Liquidity (ODL) software solution between Mexico and the United States. The market offers great potential, with more than $30 billion annually in transfers annually between Latin America and the United States alone.

Via it’s Twitter account, the Mexican exchange announced that it has launched a new payment corridor between Mexico and Argentina. Bitso said that it wants Argentine users to benefit from its global and transparent services. Bitso stated the following:

In Bitso we like to build bridges. Today we are building a digital bridge between Mexico and Argentina. Like our users in Mexico, we want Argentines to enjoy simple, global and transparent financial services. Welcome!

As part of the announcement, Bitso stated that deposits and withdrawals will be available free of charge at the beginning. The Mexican exchange website has listed the trading pair as BTC/ARS. In the last 24 hours, 1.16 Bitcoin (BTC) has traded at a maximum price of 851 thousand ARS (about 12 thousand USD) and a minimum price of 801 thousand ARS (about 11 thousand USD). Despite the fact that the announcement was made only recently, the broker is quite active.

Ripple XRP

Source: https://bitso.com/alpha/btc/ars

Ripple’s payment corridors continue to grow

On the other hand, CNF recently reported that the Ripple ODL corridors have seen significant growth for XRP/MXN (Mexican peso), XRP/PHP (Philippine peso) and XRP/AUD (Australian dollar) over the past four months. The pair XRP/MXN has registered a record volume of transactions, the same as the other mentioned corridors.

However, the corridor for the Mexican peso, whose transaction volume has doubled since December 2019, stands out. The newly opened corridor with Australia has also shown remarkable growth, rising from the registration of 500,000 XRP at the beginning of January to the current volume of 4,521,331 XRP. The corridor for the XRP/PHP pair showed similar growth and recently registered a new record of 4,608,158 XRP.

The price of the XRP stands at $0.275, at the time of publication, with a slight downward movement of -1.75% in the last 24 hours.

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About Author

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Reynaldo Marquez has closely followed the growth of Bitcoin and blockchain technology since 2016. He has since worked as a columnist on crypto coins covering advances, falls and rises in the market, bifurcations and developments. He believes that crypto coins and blockchain technology will have a great positive impact on people's lives.

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