Ripple’s Main ODL Partner Boasts $179 Mln Remittance Record via XRP in April

News
Tue, 05/05/2020 - 13:14
article image
Yuri Molchan
Ripple-backed crypto exchange Bitso transferred a record amount of remittance payments in April using Ripple’s ODL platform and XRP
 Ripple’s Main ODL Partner Boasts $179 Mln Remittance Record via XRP in April
Cover image via stock.adobe.com
Contents

Out of the five ODL corridors that Ripple powers together with the MoneyGram remittance giant, Bitso is the largest one, which is supported by previous investments made by Ripple. Bitso helps transfer USD into MXN via Ripple’s XRP.

Just recently, the volumes of remittances Bitso handled has reached a new all-time high.

Bitso wires $179 mln in remittances

Bitso has shared data showing that in April 2020, the exchange transferred a gargantuan amount of remittances, totaling approximately $179 mln (4,300,000 mln Mexican pesos).

That is twice as much as the amount of funds sent by workers to their families in Mexico in March.

The difference between the earlier months of 2020 and March does not look as big as between March and April.

Related XRP Price Prediction: Accumulating Efforts for Breakout to $0.22
Related
XRP Price Prediction: Accumulating Efforts for Breakout to $0.22

Ripple moves 10.5 mln XRP

As earlier reported by U.Today, the XRPL Monitor Twitter account already spotted almost eighty million XRP transferred by major crypto exchanges such as Bitstamp, Huobi, etc.

Just recently, the same Twitter bot shared data on Ripple sending 10.5 mln XRP between its wallets ($2,127,139).

From time to time, the blockchain decacorn Ripple does conduct big XRP transfers for charities, investments and other purposes in order to increase XRP liquidity, as per the CEO Brad Garlinghouse.

XRP wallet
Image via Bithomp

On May 1, Ripple released one billion XRP in two consecutive portions of 500 mln XRP each from its escrow wallet. This has been taking place on the first day of each month for a few years. However, most of the time, about ninety percent of the billion XRP they release goes back to escrow.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.