XRP’s Liquidity Index Reaches New All-Time High on Bitso

News
Wed, 11/20/2019 - 07:40
Alex Dovbnya
XRP's liquidity index blasts past the 6 mln mark on the biggest Mexican exchange
Cover image via 123rf.com

The XRP/MXN corridor on continues to record new highs on Bitso, the number one exchange in Mexico. On Nov. 19, the liquidity index of the above-mentioned exchange spiked to a new high of more than 6.24 mln.

Related
Ripple’s XRP Will Be Used by MoneyGram for Conducting Cross-Border Payments  

This came just one day after it breached the 6 mln milestone for the first time, which means that the adoption of XRP is growing at breakneck speed in this market.   

Together with OG money transfer company MoneyGram, Ripple launched its On-Demand Liquidity (ODL) service in Mexico by inking a deal with Bitso. The crypto behemoth made a sizeable investment in Bitso and put one of its executives on the company's board of directors.  

As of now, XRP, the third biggest cryptocurrency is responsible for more than 80 percent of Bitso's total trading volume. During the SWELL conference, MoneyGram CEO Alexander Holmes revealed that Ripple's ODL was responsible for 10 percent of all transactions between the US and Mexico.      

Ripple claimed that the Bitso partnership was only the first step in its expansion into the Latin American market. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.


This site uses cookies for different purposes. Please set your preferences in Cookie Settings and visit our Cookie policy for more information on how and why cookies are used on this site. Click here for cookie policy

Cookie settings