Mexican crypto exchange Bitso announced the launch of a debit card in partnership with Mastercard. The innovation will allow exchange users to pay with the Mexican Peso (MXN) from their Bitso wallet balance wherever Mastercard is accepted. The card is only available to residents of Mexico who have undergone the KYC procedure.
Bitso, Ripple and XRP
Bitso is one of Ripple's key partners in the region. As its representatives have previously stated, the partnership with Ripple makes instant money transfers possible for millions of Mexican workers. Bitso's use of Ripple services, such as On-Demand Liquidity, over the past four years has resulted in XRP vs. MXN taking up 54% of all trading volume on the exchange. In comparison, Bitcoin (BTC) versus MXN is in second place with a share of 12%.
While it is impossible to say definitively what impact the Bitso card launch will have on Ripple, it seems like a clear win-win situation for XRP. To illustrate the point, the sum of all XRP volumes on all pairs on Bitso is $19.64 million, with a total exchange value of $31.42 million.
The introduction of debit cards, co-branded with Mastercard, will take the adoption of cryptocurrency services to the next level in Mexico, and it will happen through the largest XRP liquidity holder in Mexico.