Ripple, the recognized cross-border payments company located in San Francisco, announced that they are leading an investment round in Bitso, a leading cryptocurrency exchange in Latin America.
According to a recent blog post released by Asheesh Birla, he has also explained that he will be joining the board of directors at the firm.
Ripple Expands Its Solutions
Mr. Birla said that in 2018, remittance flows into Latin America and the Caribbean increased by almost 10% with Mexico receiving the largest amount of these payments.
This is very important for the economy, considering that families in the region receive financial support from other family members working abroad.
By using blockchain technology and digital currencies, it is possible to make quicker and cheaper payments.
Bitso is currently playing a vital role in RippleNet’s US – MXN corridor by providing critical liquidity for payments.
In addition to it, Ripple launched on-demand liquidity (ODL) capabilities with MoneyGram into Mexico and Bitso played an important role as a key exchange partner.
At the same time, as Ripple continues to expand in Latin America, their partnership with Bitso will also be very important.
The cryptocurrency exchange has a customer base of 750,000 individuals that continues growing every single month.
As per the blog post, Bitso became the first DLT licensed exchange that is regulated by the Gibraltar Financial Services Commission (GFSC). In this way, the company wants to become the most innovative and consumer-friendly financial services provider in Latin America.
Asheesh Birla commented:
“The Bitso team is unparalleled—their technology was built from the ground up through years of experience with scalable and reliable distributed systems.”
Furthermore, he mentioned that the company and the team are working in order to execute a global expansion to Latin America.
XRP Becomes More Decentralized
UseTheBitcoin reported a few days ago that XRP is becoming more decentralized considering that 80% of the nodes are currently run by a third party.
XRP has also been accused of being a centralized cryptocurrency considering that many of the nodes were controlled by Ripple and more than 50 percent of the XRP supply is currently held by Ripple.
Validators on the Ripple network are very important because they allow the network to properly work, confirming transactions and validating them.
In the future, the goal is to make the network even more decentralized. Ripple would eventually not participate in the validation process.