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Ripple President Reacts to Multibillion Dollar Success in Key Region

Wed, 04/05/2023 - 10:09
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Gamza Khanzadaev
'This is real-world utility,' says Monica Long, as Ripple's key partner reports multibillion dollar share in transactions between US and Mexico
Ripple President Reacts to Multibillion Dollar Success in Key Region
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Ripple president Monica Long commented on the latest report from the company's key partner in Mexico, Bitso, published earlier on Livecoins. In particular, Long noted the company's success in capturing a large share of the remittance market between the U.S. and Mexico through its "Crypto for Business" service.

As a reminder, Bitso and Ripple have been working together on cryptocurrency transfers for several years. In that time, the Mexican company has become a key partner for Ripple in the region and one of the largest users of its services. Against this backdrop, XRP has become almost 60% of Bitso's trading volume, overtaking Bitcoin (BTC) and Ethereum (ETH) combined.

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Bitso, Ripple and business

According to the Mexican crypto company's release, thanks to Ripple and other partners, they were able to transfer $3.3 billion between the two countries in 2022. This is a real-world utility, says Long, when the corridor between the U.S. and Mexico sees tens of billions of dollars in payments every year.

Aaron Sears, managing director of the Americas at Ripple, also noted Bitso's successful report. He said that Ripple enjoyed Bitso's success and that the two companies intend to continue their partnership in cross-border crypto transfers and connect more businesses in Latin America to the network.

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His colleague on the other side, Santiago Alvarado, one of the vice presidents at Bitso, also expressed his intention to increase the number of companies and user organizations, noting 73% growth over the past year.

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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.