Bitso, Ripple’s preferred ODL (On-Demand Liquidity) exchange in Mexico, has seen its trading volume increase significantly over the past few months. This is largely due to Ripple’s ODL (formerly known as xRapid) product and the launch of the USD/MXN remittance corridor by Moneygram.
Recently, Bitso raised an undisclosed amount from notable investors to further expand into Latin America. According to The Block, the investment was led by Ripple, with participation from Coinbase and Jump Capital. Existing investors (Digital Currency Group and Pantera Capital) also participated in the round.
According to a Ripple announcement, Ripple launched ODL capabilities with MoneyGram into Mexico earlier this year, with Bitso as the key exchange partner. As Ripple expands ODL in Latin America, so too will its partnership with Bitso. Lets not forget that Ripple launched its Brazil office in June to expand its footprint in South America and grow its customer base and team in Brazil, and across South America including in countries such as Chile, Peru and Argentina. Asheesh Birla, SVP of Product at Ripple will be joining Bitso’s board of directors.
Ripple and Bitso go way back, to 2014, when Asheesh first met the team:
“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.”
Launched in 2014, Bitso was the first cryptocurrency exchange in Mexico and had an ambitious mission to provide financial services for both the banked and unbanked with blockchain technology and digital assets. Today, they are the largest exchange in Mexico with a customer base of 750,000 and counting. Bitso’s products have a strong focus on ease of use, which has helped drive the adoption of cryptocurrency among a broad audience including retail consumers, traders and institutional customers.
Two months ago, Bitso became Latin America’s first DLT licensed exchange regulated by the Gibraltar Financial Services Commission (GFSC). With this license, Bitso is poised to be one of the most innovative and consumer-friendly financial services providers in LatAm.