RATE Group | Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead
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Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead

21 Apr Ripple Executive Says Institutional Trading Boosting XRP Behind the Scenes, With Cryptocurrency Exchange Bitso Taking the Lead

Posted at 17:23h in Cryptocurrency News by

Institutional traders are bringing greater liquidity to Ripple’s XRP-powered cross-border payment product, On-Demand Liquidity (ODL), according to the company’s vice president of global institutional markets.

Ripple VP Breanne Madigan says that XRP liquidity is the “lifeblood” of ODL, lowering the risk and cost of each cross-border transaction.

“The continued growth of ODL has led to an expanding number of financial institutions, payment providers and market-makers to trade in XRP. The resulting increase in institutional trading volume has helped to bring further liquidity to XRP, specifically in ODL corridors – in spite of the recent market turbulence surrounding the COVID pandemic.”

Bitso, the largest crypto exchange in Mexico, has expanded its reach by utilizing ODL, dramatically increasing its XRP/peso volume.

It now also processes 2.5% of remittance transactions from the United States to Mexico, the third-largest remittance…

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