The latest Ripple news show that the XRP remittance network is rapidly expanding in Latin America and the San Francisco-based company says that it plans to launch a significant expansion of its XRP remittance platform in the region.
The CEO of Ripple, Brad Garlinghouse, recently noted that the company is testing its crypto-based XRP remittance network which is called On-Demand Liquidity (ODL) in both Brazil and Argentina. A new move from the crypto exchange and Ripple partner Bitso could help make the XRP remittances in Argentina a reality now.
We are talking about Bitso which is the largest crypto exchange in Mexico – and one that recently announced its expansion in Argentina. As they said:
“In Bitso, we like to build bridges. Today, we build a digital bridge between Mexico and Argentina. Like our users in Mexico, we want Argentines to enjoy simple, global, and transparent financial services.”
What’s also interesting is the fact that the XRP remittance network started in October 2019 as a plan when Ripple announced that it was spearheading an investment round in Bitso.
“As Ripple expands ODL in Latin America, so too will our partnership with Bitso.”
Now, Bitso is already powering US to Mexico remittances using XRP. In this process, the exchange’s XRP pair with the Mexican peso managed to surge ahead of Bitcoin in its daily volume. Still, what remains to be seen is how many regulatory hurdles will Ripple have to face as it brings ODL to Argentina. The country, as the cryptocurrency news show, is in a strong state of inflation and is pushing to increase the use of peso in order to save it from more devaluation.
This is why the Central Bank of Argentina banned the use of credit cards for purchasing cryptocurrencies and introduced the dollar tax, forcing a lot of citizens to pay an additional 30% in tax for the transactions made in a foreign currency.
Meanwhile, the Ripple news from the market show that XRP is safe at $0.2817 with a market cap of $12.31 billion.
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