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.
BREAKING:— Arturo Portilla (@Arturo_P_A) May 5, 2020
"@Bitso has seen an exponential increase in the processing of remittances through @Ripple's technology, XRP and Bitso.
In April, we processed more than 4.3 thousand million pesos [~USD$179M] in remittances.
Below a chart with the remittances processed this year" https://t.co/Q0cN7MEYlf pic.twitter.com/Z0gfarGQhb
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).
Transaction Type: Payment— XRPL Monitor (@XRPL_Monitor) May 5, 2020
Amount: 10,500,000 XRP
Fee: 12 drops (0.000012 XRP)
Sender Balance: 4,500,020.485736
Receiver Balance: 13,062,054.402533
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.
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.