Ripple’s Intermex Tie-Up Can Increase Remittance Battle In Latin America
Crypto Guide
Live News

Keeping up with all the cryptocurrency news and updates is not an easy task, but we are up to the challenge! This way we can help our readers to keep track of changes in these fast growing currencies. Just like our site, lambo2btc.com is willing to face this challenge and on their site, they compile the features, key elements, and recent news involving bitcoin casino sites and which are the best to try!

Ripple’s Intermex Tie-Up Can Increase Remittance Battle In Latin America

February 5, 2020      Shailesh Panwar

Ripple has taken another major step while aiming to promote low-cost remittances around the world. Lately, the blockchain firm made an announcement that several financial services companies have started partnering with International Money Express, Inc. referred to as Intermex. Intermex is a significant remittance services firm which has focused on payments across Caribbean global corridors and Latin America.

How ODL Will Benefit Cross-Border Payments

The alliance would allow Intermex to employ On-Demand Liquidity (ODL) via RippleNet so that it could accelerate payments between Mexico and the United States of America. At the moment, ODL has been using XRP to connect the transactions between the sender and receiver, while moderating the requirement for a pre-funding account in cross-border payments.

A report declared that RippleNet, along with Intermex, would directly involve itself in processing more than 30 million payments throughout the year. The system would consist of a network having more than 100,000 payer locations. Mexico is the country that has gained the third position in terms of remittance recipients. The country has gathered more than 36 billion dollars through remittance in 2019. The report added that with this partnership, Intermex would enable itself to settle major currencies and match the funding time with its settlement demands decreasing costs and offering transparency to their clients.

Paypal Invested Huge Amounts To Support Remittance

Earlier, some reports stated the competition to promote cross-border payments in Latin America has ignited over the past year as PayPal invested $750 million in MercadoLibre in March 2019.

Towards the last year’s end, PayPal made an announcement that it had signed a commercial partnership with MercadoLibre to provide innovative financial solutions that would help underserved people through the traditional financial system. The declaration triggered the stock value of PayPal and pushed it to grow over by 2.5% over 24 hours.

Even after the ODL’s commercialization, Ripple has been making its own moves. The company has been doing notable partnerships with significant companies such as goLance, MoneyGram and FlashFX. All these companies have been utilizing ODL for payments.

READ  Bitcoin Ethereum Litecoin Ripple Binance Technical Analysis Chart 6/26/2019 by ChartGuys.com
#Bitcoin (BTC) #Bitcoin News #Blockchain #Blockchain News #Blockchain Technology #BTC #Crypto Exchange #Crypto News #Cryptocoin News #Cryptocurrencies #Cryptocurrency #Cryptocurrency News #MoneyGram #Paypal #Ripple #Ripple News #RippleNet #XRP
Shailesh Panwar
Shailesh Panwar

Shailesh is an ardent follower of the crypto world and keenly watches every development taking place in the cryptocurrency space. He loves to voice his opinions through well-curated blogs and articles, which throw light on different facets of the crypto industry.