- The Liquidity Index Bot shows a new record volume of XRP on the cryptocurrency exchange Bitso.
- Western Union also stated in an interview that they continue to test XRP and are open to innovation.
The Liquidity Index Bot has tracked a new record volume on the Bitso cryptocurrency exchange. The volume of XRP against the Mexican peso has risen sharply in recent days, reaching a new high of 9,095,160 on 13 December.
Bitso relies on Ripple’s payment solutions
As early as mid-October, Ripple announced its cooperation with the Mexican exchange Bitso to accelerate remittances to Mexico using Ripple’s software. Last year, remittances to Latin America and the Caribbean increased by more than 10% to $35.7 billion, with Mexico accounting for the largest share.
Mexico is one of the poorest countries in the world. As a result, many workers emigrate and often have to send money home to their families at disproportionately high costs. Ripple wants to solve this cost and time problem by using the payment solution On-Demand Liquidity (formerly known as xRapid). By investing Ripple in Bitso, the company wants to help people send money home quickly, easily and cheaply.
Bitso has more than 750,000 users and plays a key role in the payment corridor from the United States of America to Mexico for making remittances. Ripple says:
This innovative company plays a vital role in RippleNet’s US – MXN corridor by providing critical liquidity for payments. Earlier this year, Ripple launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico, with Bitso as the key exchange partner. As Ripple expands ODL in Latin America, so too will our partnership with Bitso.
Western Union continues to test Ripple
One of the world’s largest payment service providers, Western Union, has been testing Ripple’s technology for several months, but is not yet fully satisfied with the results. In a recent interview, CEO Hikmet Ersek describes that Western Union has its own money transfer system, which currently allows 5 times cheaper transfers than XRP:
We’ve done a test with Ripple and continue to do tests […] We learn a lot from Ripple, but we have our own referral system that is very cost effective. Today our tests have shown that using cryptocurrencies or stablecoins like XRP is 5 times more expensive than using our own system.
Accordingly, Western Union (WU) will continue to test software solutions from companies such as Ripple, but will use its own resources for the time being. WU has set up its own innovation laboratory to research and evaluate the use of blockchain technology for the company.
Ripple has been working for some time to establish contact between policy makers and local regulators through initiatives such as the creation of a subsidiary that seeks to drive regulatory progress. Two days ago, Ripple and XRP were named for the first time as the latest developments in payments in a bill on transfer insurance. This shows that authorities also have step by step more knowledge about projects in the crypto market and also share and discuss this.
Thou hath spoketh the words. This is the first time I've ever seen "XRP" mentioned in an official .gov document.
— Bryan (@DeFiBryan) December 13, 2019