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Ripple's Major Partner in Latin America Launches Crypto Remittances Between Mexico and Canada

Wed, 09/07/2022 - 15:39
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Gamza Khanzadaev
Here is how Ripple's partner Bitso will connect three continents
Ripple's Major Partner in Latin America Launches Crypto Remittances Between Mexico and Canada
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Ripple's important partner and ODL corridor, Bitso, has announced a partnership with Africhange, an African-Canadian payment system that specializes in remittances. The partnership should help facilitate and optimize money transfers between Canada and Mexico, where Bitso is based, using crypto technologies.

The cooperation between the two companies emerged as a result of the trend of Mexicans moving to the North American country. According to the source, the number of incoming remittances from Canada to Mexico is more than $140 million. The partnership should significantly reduce costs for end senders and simplify the overall transaction chain.

Africhange executives said it did not take long to choose a new partner in the region, which makes sense given Bitso's expertise in cross-border payments, not least because of its close cooperation with Ripple.

Cross-border harmony

This seems to be another example of a very harmonious cooperation. Africhange, which already has a turnover of $70 million in remittances from Nigeria to Canada, is entering a new market on the new continent. Bitso, on the other hand, sees a chance to increase its own turnover and to help its compatriots abroad.

The red line through the news is that Bitso is Ripple's On-Demand Liquidity (ODL) corridor in the region, and 60% of the exchange's trading volume is occupied by XRP. In addition to a possible expansion of the use of XRP in cross-border transfers, we have a story in which three continents - Africa, North America and South America - are connected by a single crypto cross-border remittance technology.

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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.