• Bitso, a company associated with XRP-based payment technology, reported total remittance transactions worth $3.3 billion in 2022.
• The growth of the Bitso cross-border transactions is due to its partnerships with outfits offering stablecoin and XRP technology payments.
• Ripple Labs Inc is committed to collaborating with Bitso to bring cryptocurrency-powered cross-border payments to businesses across Latin America.
Record Remittance Volume Aided By XRP Technology
Bitso has reported a massive increase in its remittance volume aided by the XRP token. The company recorded total remittance transactions worth $3.3 billion in 2022, three times greater than the volume reported in 2021. Despite global economic strain reducing purchasing power, the remittance flow between the United States and Mexico has grown stronger, with Bitso largely capturing a major part of the market.
Stablecoins and XRP Technology Payments
Bitso said it recorded the growth it quoted riding on its partnerships with outfits offering stablecoin and XRP technology payments. Ripple On-Demand Liquidity (ODL) resolves many of the bottlenecks traditionally associated with remittances, allowing people to access funds quickly without incurring high costs or delays. Aaron Sears, General Director of the Americas at Ripple Labs Inc., commented that they are committed to solving any form of payment challenges that may arise and continuing their alliance to bring cryptocurrency-powered cross-border payments globally.
Global Cross-Border Settlement Outfit
Ripple continues to make significant progress as a global cross-border settlement outfit across regions such as Latin America and Asia Pacific region. This commitment was showcased through Ripple’s collaboration with Bitso which enabled unprecedented cross border payments within Mexico alone; further emphasizing Ripple’s aim of bringing cryptocurrency powered payments into more businesses worldwide.
Advantages Of Blockchain Payment Systems
Blockchain alternatives such as those provided by Ripple offer numerous advantages over traditional payment systems when it comes to transferring money quickly and cost effectively for both parties involved in a transaction; making them increasingly attractive for customers wanting quick access to funds globally without incurring excessive fees or delays typically associated with traditional banking methods.
Ripple’s partnership with Bitso demonstrates how blockchain solutions can provide efficient solutions for global cross border payments while creating opportunities for businesses worldwide looking towards digital currencies as an alternative way of conducting international financial transactions safely and cost efficiently during these times of economic uncertainty .