- XRP/MXN Accounting for 70% of Total Bitso trading Volume
- Customers live with ODL increased by 75% in Q3
XRP is seeing a substantial increase in its trading volume in the Mexican market, so much so that it is accounting for 70 to 80% of the total trading volume registered on Bitso.
Bisto Liquidity Index has been, in fact, making new all-time highs every other day.
A Mexican cryptocurrency exchange, Bitso is Gibraltar incorporated and registered company. It is a regulated DLT provider, licensed by the Gibraltar Financial Services Commission under the Investment and Financial Fiduciary Services Act. The platform supports instant deposits and withdrawals via Mexico’s SPEI banking system.
XRP/MXN Accounting for 70% of Total Bitso trading Volume
According to Coinmarketcap, Bitso recorded the daily trading volume of $2.1 million. Out of which, XRP/MXN is accounting for 70.55% of the volume, at almost $1.5 million. At times, XRP/MXN saw more than 80% of the trading volume on Bitso.
Bitcoin meanwhile, which usually dominates the trading volume currently contributes to only just over 23%, at about $500k.
MoneyGram, the second-largest provider of money transfers in the world is the driving force behind these upticks.
Ripple had a strategic partnership with MoneyGram in July this year and as a result, xRapid saw an 80% surge in its payment channels transaction volumes.
“We’ve leveraged On-Demand Liquidity on RippleNet to dramatically reduce our operational costs and process global payments at unprecedented speeds,”
said Kamila Chytil, Chief Global Operations Officer at MoneyGram International.
In late August, Breanne M. Madigan, Ripple executive how the real use case, MoneyGram payments using XRP in Mexico going live, is driving the real XRP volume.
MoneyGram CEO Alex Holmes will also be speaking at Ripple’s Swell 2019 event about his experience driving this transformation across the company.
Customers live with ODL Increased by 75% in Q3
In On-Demand Liquidity (ODL), RippelNet customers use XRP to “bridge two currencies in three seconds,” to ensure that payments are sent quickly and received in local currency. As such, this service further eliminated pre-funding.
In its Q3 2019 report, Ripple highlighted these numbers, stating that customers live with On-Demand Liquidity, “formerly known as xRapid”, has increased by 75% last quarter. Also, the dollar volume on OD increased over five times from Q2 to Q3.
Moreover, the last addition in Ripple’s acquisition streak, Algrim, the company said was to support the ongoing development of ODL.
Ripple (XRP) Live Price
1 XRP/USD =$0.2931 change ~ -0.90%