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Main XRP Ambassador in LatAm Doubles User Base in Year: Details

Fri, 10/21/2022 - 14:34
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Gamza Khanzadaev
Bitso — where XRP gets 67% of total volume and achieves 6 million users
Main XRP Ambassador in LatAm Doubles User Base in Year: Details
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Mexican cryptocurrency exchange Bitso has reportedly passed the six million user mark. During the year, Latin America's leading crypto platform managed to double its user base thanks to the growing adoption of cryptocurrencies and product development.

Among other things, Bitso is the largest Ripple partner in the region. Due to its use of On-Demand Liquidity, XRP takes up 67% of Bitso's total trading volume. According to the Nomics portal, the exchange has a total turnover of $28 million, where $19.8 million is occupied by XRP.

Here Is How XRP Took up 60% of Total Volume on One of Largest Latin American Crypto Exchanges

What is interesting and generally unsurprising is that most of it is XRP trading in pairs with the Mexican peso. In second place in terms of trading volume on Bitso is Bitcoin at $2.4 million, also against MXN.

XRP is gaining volume in Japan too

In addition to Latin America, Japan has seen large volumes of XRP trading. Thus, according to Japan's three largest exchanges, XRP has become the third most traded crypto in the country after BTC and ETH in the last month.

On GMO Japan, XRP is second only to BTC in trading volume and has a $14.13 million value, which equates to 23% of the total. On the bitFlyer exchange, XRP takes up 2% of trading volume, behind various BTC pairs and ETH. On Bitbank, however, XRP is the top cryptocurrency and takes 62% of the trading volume, which is equivalent to $9.2 million and allows it to overtake BTC by three times.

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About the author

Financial analyst, trader and crypto enthusiast.

Gamza graduated with a degree in finance and credit with a specialization in securities and financial derivatives. He then also completed a master's program in banking and asset management.

He wants to have a hand in covering economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.