- Bitso, the Mexican cryptocurrency exchange, reports processing over $3.3 billion in cross-border transactions in 2022.
- Bitso uses stablecoins or cryptocurrencies like XRP for the majority of its international transfers.
Bitso, the Latin American exchange, has reported handling more than $3.3 billion in cross-border transactions between the United States and Mexico in 2022 through its Crypto for Businesses service. This volume is three times greater than the previous year, and the company credits its strategic partnership with Ripple for this new record. Aaron Sears, General Director of the Americas at Ripple, expressed his satisfaction with the collaboration and hopes to continue providing unprecedented cross-border payments in Mexico. The exchange uses stablecoins or cryptocurrencies such as XRP for the majority of its international transfers, and the alliance between both companies will allow for the expansion of transfer offerings to other countries in Latin America.
Expansion and Growth
According to the company’s press release, international transfers made through Bitso are primarily carried out with stablecoins or cryptocurrencies like XRP. Bitso’s VP of Product and B2B, Santiago Alvarado, is enthusiastic about the increasing adoption of crypto technology to enhance financial services. Bitso’s growth is reflected in the 73% increase in the number of institutions and companies that use it as a financial service. The collaboration with Ripple enables Bitso to offer cross-border payments with the US to more companies across Latin America, helping to bridge the gap between traditional finance and cryptocurrency-based services.
Partnerships and Innovations
Bitso’s new record highlights the growing trend of cryptocurrency adoption in Latin America. The partnership between Bitso and Ripple demonstrates the potential for cryptocurrencies to become a mainstream financial solution in the region. Additionally, Bitso recently announced the arrival of its Mastercard in Mexico, which will enable consumers to use cryptocurrencies for daily purchases. Bitso’s growing network of partnerships, including those with blockchain and cryptocurrency enterprise solutions providers, enables the exchange to offer innovative financial solutions and services to a wider audience.