This article was first published on Insights – Ripple
In 2014, the founders of Bitso believed that blockchain technology and digital assets could boost financial access for Latin America’s large underbanked population. A major step in achieving this vision came when the company partnered with Ripple to deliver instant and cost-effective cross-border payments for Mexican businesses and retail customers.
“With help from Ripple, Bitso is the now the largest exchange in Latin America,” explained the company’s Head of Finance, Bárbara González Briseño. “We have the world’s largest liquidity of Mexican pesos to digital assets and are MoneyGram’s key exchange partner for remittances into Mexico.”
After more than a decade working in a range of finance roles, Briseño has plenty of personal experience with the difficulties of sending money outside of Mexico. Not only are traditional wire transfers time-consuming and expensive, the process is also full of friction and uncertainty.
“I knew that every time I needed to pay a global supplier it would be a hassle,” she recalled. “To set up the transfer, I had to complete a form, sign it, scan it and send it to the bank, then wait days for them to purchase the dollars required to make my payment. I never knew at what stage the process was at when the supplier would receive the money. That’s my experience as a corporate customer. It’s an even bigger problem for retail customers, especially families whose rent, groceries and educational costs depend on remittances from relatives working abroad.”
Collaborating to Create a Faster, Cheaper Cross-Border Payments Solution
Towards the end of 2018, Bitso began working with Ripple to build and test a solution for the problem of slow and expensive cross-border transfer from the U.S. to Mexico. Using RippleNet’s On-Demand Liquidity (ODL) service, the company can convert U.S. Dollars into the digital asset ...
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