XRP Managing 7.5% of Weekly USD to MXN Remittances, Says Ripple SVP of Product
On Tuesday, Bitcoin proponent Peter McCormack took to Twitter to share how Bitcoin is being used at the Venezuelan border to solve problems with “no evidence or use of” Dash, Bitcoin Cash, BSV, ETH, Ripple, Tron or PotatoCoin.
“The only crypto people care about here is BTC,” said McCormack.
In response to this, Asheesh Birla, SVP of Product at Ripple took to twitter to state, “Last week 7.5% of USD to MXN Remittances went through XRP – but ok….”
Recently, it partnered with International Money Express (Intermex) for safer and more transparent cross-border remittance service between the US and Mexico.
Given that Mexico is one of the top countries with remittance recipients, seeing $36 billion in remittance flows in 2019 with the US topping the list of countries with the highest inbound flow to this region, it makes sense Ripple would strike up new partnerships and developments in this region.
Back in November, it has been revealed that Ripple partner MoneyGram after just six months of coming together, has been powering 10% of the transaction volume between the US and Mexican border through On-demand Liquidity (ODL) that leverages XRP.
Meanwhile, the liquidity index for Bitso XRP/MXN is constantly putting new all-time highs.
— Liquidity Index Bot (@LiquidityB) February 12, 2020
Working on permeating other markets
In other news, a document titled “RippleNet Quick Guide Overview ” released by Ripple in December 2019 surfaced online that states that the San Francisco-based tech startup is supporting over 70 countries and is growing one new country every week.
With UK-based TransferGo, the company is offering low cost and instant global payments. The company processes over 2,500 transactions a month in India, moving about two million pounds each year. Birla stated a year ago,
“I think that in our pipeline we have probably 50 percent of the market in India, either integrated onto Ripple or in the deal, in the sort of pipeline to be signed to India.”
Indian market is massive, which is the second-fastest growing economy and on Ripple’s list to permeate into.