In the third quarter of the year, Ripple is starting to thread a very bullish path, one that will at one point lead to an increase in adoption as time goes on. With a lot of partnerships on the horizon and many already done and dusted, Ripple is going to go that step further in an investment partnership with Latin America’s leading Cryptocurrency Exchange Bitso.
Going off the official announcement posted on Ripple Insights, the San-Fransico based firm said that the investment round with Bitso could have been finalised today, however, the plan to work together has been in the pipeline for over four years.
Written in the first person from the SVP of Product design at Ripple, Asheesh Birla said this:
“Ripple’s partnership with Bitso starts at the beginning—I met the team back in 2014 and saw the technology they had built and thought, “This four-person shop is able to send money across borders with technology faster than the big banks. That’s incredible. It reminded me of sending my first email instantly to a friend across the world.” This innovative company plays a vital role in RippleNet’s US – MXN corridor by providing critical liquidity for payments.”
As covered by ZyCrypto, remittance flow to Latin America and the Caribbean has seen a 10 per cent increase over the past two years or so but its Mexico that is the top player behind these payments with a massive $35.7 billion recorded on a yearly basis. After this was realised by Ripple, the firm went onto to completely change the remittance space by utilising its blockchain and cryptocurrency to birth ease in payment for its users.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!