Bringing cryptocurrencies into the mainstream is an ongoing challenge. Bitso, a crypto trading platform, tries to achieve this goal by going after the remittance market.
It is evident that current remittance corridors are not optimal.
Bitso has a Very Ambitious Plan
Either it takes too long to move money across borders, or the fees are too high.
Bitso believes it can make a meaningful impact in the US-Mexico remittance corridor.
So far, the company controls 2% of this market, but aims to increase that figure to 20% by January 2021.
A very ambitious and lofty goal, but the company has a plan to make it happen.
Using cryptocurrencies for real-world purposes instead of mere speculation is always a step in the right direction.
Through Bitso, sending money between the US and Mexico is done through an interbank payment bridge.
The core benefit provided is real-time settlement of funds.
Once funds are deposited, the Mexican pesos will be delivered to the recipient’s bank account or to a partner cash operator.
For now, it appears that the company wants to keep using XRP for this purpose.
It is, apparently, the cheapest and easiest way of transferring money at little to no cost.
Despite the positive outlook, there are still many mountains to move in the coming months.