Ripple wins big in US-Mexico transfers based on Bitso’s report

According to the 2022 report, Bitso highlighted that they processed about $3.3 billion between US and Mexico, using XRP and others.

XRP moves $3.3b in US-Mexico settlements

Cryptocurrency has gained momentum recently, acquiring different utilities across different jurisdictions. The most recent info is about the Ripple network.

Bitso, a popular crypto exchange in Mexico, recently announced powering transactions of about $3.3 billion worth of crypto between the U.S. and Mexico. Based on Bitso’s report, the Ripple network is one of its primary settlement partners for cross-border transactions. 

The U.S. corridor with Mexico is the center of tens of billions of dollars in payments yearly.

The US <> Mexico corridor sees 10s of billions of $ in payments every year (remittances, treasury, you name it), and last year @bitso processed $3.3B of that through crypto with @Ripple and others.

This is real-world utility. https://t.co/MF0GrEgo9c

— Monica Long (@MonicaLongSF) April 4, 2023

Out of the colossal amounts of transactions, @bitso processed “$3.3B of that through crypto with @Ripple and others.” 

Further reports indicate that the recent transactions are three times larger than those reported for 2021. The crypto exchange Bitso indicated that most international transactions leverage stablecoins or XRP.

Bitso claims the partnership with Ripple will help offer more transfer options, especially in LATAM countries.

A small chunk of the XRP community received the reports. However, many criticized Ripple, noting that the transactions have not contributed anything to XRP’s price.

For instance, one tweet, GodWoken(@Axieboii), responded: “Even if trillions, we don’t see any changes in price so it’s useless.” Another user said that be it millions or billions, XRP’s price was not at all affected. 

Success amid court battles

Despite the ongoing court battles, the Ripple network and XRP cryptocurrency have recorded significant wins in recent months. Ripple is currently in a prolonged fight with the SEC, where the latter accuses the former of financial malpractices.

The verdict of the XRP case was supposed to be released starting sometime on March 31. According to reports, there is a high hope within the XRP community that Ripple Labs will become the victors in the suit.

There is no deadline of today for her to rule. The decision could come out within the next hour or it could take another 30-60 days. Based on previous cases, Judge Torres has issued her ruling on summary judgment within a couple months of her Daubert/Experts’ decision.

— John E Deaton (@JohnEDeaton1) March 31, 2023

Despite high anticipation of the verdict to be released soon, legal experts note that it could come in the next 30 to 60 days.