Ripple very recently explored how the economic uncertainty in Mexico has let to Mexicans to use the USD to protect their assets. However, the unbanked population are not able to do it to protect their value. This has led to Mexico being one of the fastest growing cryptocurrency markets.
Several people in Mexico who are not earning enough and at the same time are not happy with traditional finance are now interested in crypto as it solves their problem due to being democratic when it comes to accessing value.
While several Mexican consumers are interested in storing their value in USD, Ripple Insights report that their day-to-day spending still needs Mexican Pesos. Bitso are making use of On-Demand Liquidity to make sure that customers are able to move value between currencies in a cost effective manner.
For those who are new to On-Demand Liquidity it is a service which will permit fiat currency conversion by making use of crypto technology. Bitso are helping in the process of converting USD to Mexico Pesos and in the process XRP serves as a bridge currency. Reportedly, Bitso are processing nearly 10% of the remittances from the US to Mexico using the ODL.
Sydney Ifergan, the crypto expert opined: “For sensible investors Ripple (XRP) makes it very easy to go in and out of crypto.”
Bitso have recently reported that they are facing regulatory challenges in Argentina as they have been expanding their operations there. Despite, they are excited about the opportunity that cryptocurrency is able to provide for the people who are ready to make a difference in the lives of people.
Ripple (XRP) Significant Change
Ripple are making the best use of building real use cases by solving issues that are sorted by traditional financial institutions. They are bringing about a significant change in the way they make use of technology.
For those who do not know about Bitso, they have been doing a great job evolving the way people make use of their money. They are focused on making cryptocurrency usage as easy as possible.
While it is important for regulations to prevent criminal activity, it is not good if people are facing trouble to make simple transactions. Ordinary citizens need to have the benefit of being able to transfer money more easily.