Despite not having a physical presence in the United States, Ripple CTO David Schwartz has shed light on Bitso’s potential to handle billions of dollars in XRP remittances between Mexico and the United States.

Schwartz emphasized in a recent discussion with the XRP community that Bitso acts as an intermediary by converting the received XRP to Mexican Pesos (MXN) and facilitating domestic payments to recipients in Mexico.

Why would Bitso need to operate in the US for this? Bitso just converts received XRP to MXN and makes a domestic Mexican payment to the recipient.

— David "JoelKatz" Schwartz (@JoelKatz) June 23, 2023

Read Also: MoneyGram CEO Discusses Using XRP for Cross-Border Payments

Schwartz said that the user in the United States needs to send XRP to Bitso, which then does the appropriate conversions and sends MXN to the receiver.

In the course of the conversation, Schwartz noted that Bitso’s success in enabling cross-border transfers between the United States and Mexico, particularly with Ripple’s product, is due to its ability to convert XRP to MXN and handle last-mile delivery.

Schwartz went on to say that, even inside Ripple’s On-Demand Liquidity (ODL) structure, Bitso is solely responsible for currency conversion and delivery, with no participation in the originating currency.

When asked about opening a Bitso account in the United States to transmit XRP, Schwartz explained that Bitso accounts are not required for persons in the United States. Rather, recipients in Mexico can open Bitso accounts, and anyone with XRP can send payments to them from anywhere in the world. According to Schwartz, “XRP transfers value to Bitso in this transmission.”

So in this example Tiffany could have an account in the US, send XRP and they get MXN on the other side? Can someone in the US make an account with Bitso to send XRP?

— Jungle Inc (@jungleincxrp) June 24, 2023

Finally, Ripple CTO offered an excellent description of how the Mexican-based exchange, Bitso, permits billions of XRP remittances between Mexico and the United States despite having no physical presence in the United States.

Schwartz added that Bitso’s effectiveness in facilitating cross-border remittances between the countries stems from its capacity to convert XRP to Mexican Pesos (MXN) and handle final fund distribution. His statement gave light on the mechanics of Bitso’s operations, emphasizing that, even inside Ripple’s On-Demand Liquidity (ODL) architecture, Bitso is solely responsible for the conversion and delivery of the destination currency, with no participation in the source currency or country.

Read Also: John Deaton: Thousands of Investors Bought XRP With Zero Knowledge about Ripple

The Future of Cross-Border Payments

The capacity to process billions of dollars in XRP remittances without having a physical presence in the United States is a huge advancement in the cross-border payments industry. This technology has the potential to transform how money is exchanged across countries.

Traditional cross-border payments are sometimes delayed, costly, and opaque. This is because they rely on the slow and inefficient traditional banking system. The use of cryptocurrencies such as XRP can aid in the acceleration and reduction of the cost of cross-border payments.

The Ripple network is especially well-suited for international payments. The network is built to be quick, efficient, and secure. It can also handle a high volume of transactions. As a result, it is an excellent platform for conducting XRP remittances.

We may expect much more innovation in the cross-border payments area as the use of cryptocurrency grows. Using XRP and other cryptocurrencies could make cross-border payments faster, cheaper, and more efficient. This would be extremely beneficial to firms and individuals who rely on cross-border payments.

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Utel University Supports Crypto Payments

To enrich students’ experience, Utel university has sealed a timely alliance with Bitso. This development between the Mexico-based academic institution and the crypto payments services provider was announced in a recent Twitter update.

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Courtesy of this strategic partnership, the Mexico-based Utel university now supports the payment of tuition fees using 34 cryptocurrencies, with Shiba Inu as one of them. 

Comenzamos la semana con buenas noticias

Ahora los estudiantes de @UTEL_ podrán realizar sus pagos con criptomonedas.

Seguimos revolucionando el mundo de las finanzas

Enterarte de todos los detalles aquí https://t.co/HJYbgnfwPw

— Bitso (@Bitso) July 18, 2022

Reportedly, Utel enabled tuition payments with cryptocurrencies on July 14. Students are expected to use the platform provided by the University (called SIU) to initiate their payments.

Read Also: Leading Monaco-based Yacht Company Now Accepting Bitcoin (BTC) and Shiba Inu (SHIB) as Payment Methods

Bitso is a platform that facilitates crypto payments and it currently supports 34 digital assets. Some leading cryptocurrencies supported by Bitso include Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Ripple (XRP), Shiba Inu (SHIB), etc. To note, the popular meme token, SHIB, was listed on the platform in January 2022. 

Students of the Utel university can now pay their tuition fees via Bitso using any of the supported digital currencies. 

Meanwhile, Utel university is a worldwide digital institute that combines technology with education to provide innovative, affordable world-class learning experiences in a fully-online environment. Interestingly, Utel university is academically equivalent to those in the United States. 

The University serves students in more than 60 countries across 5 continents, helping them earn their Bachelor’s, Master’s, or Doctorate degrees. Most of its students are from the United States, Mexico, Peru, Panama, Chile, Ecuador, and Colombia. 

Related: Dubai School Announces Plan to Accept Tuition Payment in Bitcoin (BTC) and Ethereum (ETH)

Rafael Martínez, Director of Institutional Liaison at Utel said; “At Utel we envision the next scenario of technology applied to finance; the blockchain is a reality and is a trend that is gaining more and more value.”

“For a 100% online university, transparency, as well as taking advantage of technology to improve processes, is something vital, and we are sure that we will be able to make our students and other communities aware of this new way of looking at finances and can take advantage of them to his personal life, knowing his full potential”, he added.

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The football club announced the new development via its official Twitter handle a few days ago. According to the report, the payment will be facilitated by the crypto trading platform Bitso, Sao Paulo’s official sponsor.

Read Also: Beta Finance Lists Shiba Inu: Users Can Now Lend, Borrow, and Short SHIB On-Chain

This implies that members of Sao Paulo’s Socio Torcedor program can now buy tickets for their team’s matches using cryptocurrencies, including Shiba Inu (SHIB). It should be noted that Bitso added support for Shiba Inu on its platform in early January 2022.

The announcement reads, “There’s news in the area for you, fan partner! In partnership with @BitsoBr, the official sponsor of @SaoPauloFC, #TorcidaQueConduz can now buy tickets for games at Morumbi by paying in cryptocurrencies, isn’t that awesome?”

You can use @Shibtoken to purchase soccer tickets at @SaoPauloFC through @Bitso ! #SHIBARMY https://t.co/VGhzgpqvt4

— The Bus (@TheBus37643251) June 3, 2022

Read Also: Ryoshi Deletes All Tweets and Medium Posts. Has Shiba Inu Founder Gone For Good?

The image captioned in the tweet also shows that the BitPay service has also been deployed by the football club.

A SHIB user confirmed the acceptance of SHIB via BitPay by Sao Paulo FC. The crypto payments processor, BitPay, officially began supporting Shiba Inu in late 2021, which allowed spending SHIB at hundreds of BitPay merchants where Shiba Inu is accepted.

With this move, Sao Paulo, one of the biggest and most decorated clubs in Brazil, has become the first team in the country to accept cryptocurrencies.

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The post Shiba Inu (SHIB) Now Accepted By a Top Brazilian Football Club as a Payment Option appeared first on Times Tabloid.

Back in December 2021, the leading crypto exchange in Latin America hinted at the possibility of listing Shiba Inu (SHIB) on its trading platform.

Read Also: Shiba Inu Launches Official Communication Portal, Adds 100,000 New Users within Weeks of Reaching 1 Million Milestone

The new development was announced a couple of hours ago via the official Twitter handle of Bitso exchange.

Bitso tweeted, “Welcome Shiba Inu ($ SHIB) @Bitso! Is the token with the name of the Japanese dog breed that was launched in August 2020 and competes for a place among the top 10 of the cryptos with the highest market cap…”

¡Bienvenida Shiba Inu ($SHIB) A @Bitso ! @Shibtoken es el token con nombre de raza de perro japonesa que fue lanzada en Agosto de 2020 y compite por un lugar entre el top 10 de las criptos con mayor market cap

Conoce más en nuestro blog https://t.co/yj2CW54JSm pic.twitter.com/wKMpjwh6w7

— Bitso (@Bitso) January 11, 2022

Overall, Bitso now supports trading for 16 cryptocurrencies, which include Compound (COMP), Axie Infinity (AXS), Chainlink (LINK), among others. Dogecoin (DOGE), the original meme cryptocurrency, is notably missing from the lineup.

Bitso became the first cryptocurrency unicorn in May 2021 after raising $250 million during its Series C funding round from such investors as venture capital firm Tiger Global and $48 billion hedge fund Coatue Management. It reached a valuation of $2.2 billion.

In November, the company collaborated with crypto giant Circle to enable cross-border payments between Mexico and the United States as part of its Bitso Shift initiative. Bitso has also been a longtime partner of Ripple, the US-based cross-border payment company.

Earlier this month, the Latin American crypto unicorn scored a 3-year partnership with Brazilian professional football (soccer) club Sao Paulo FC.

In early December, Mercado Bitcoin, the largest exchange in Brazil, added support for Shiba Inu (SHIB). Earlier this week, the cryptocurrency was also added by the Indian cryptocurrency exchange Giottus.

Read Also: SHIB Developer Shares Updates on Shibarium, the Shiba Inu Layer 2 Scaling Solution, Hints Big Surprise for Early 2022

On 10th January, Euler Finance, a noncustodial protocol on the Ethereum network, which allows users to lend and borrow crypto assets, announced the activation of Shiba Inu (SHIB) on its protocol. This implies that the crypto is now available for trading on a slew of global exchanges such as Binance, Coinbase, Gemini, and others.

Bitstamp, Europe’s premier cryptocurrency exchange, recently confirmed that it still intended to list SHIB in early 2022.

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The post Shiba Inu (SHIB) Goes Live On Bitso, the Leading Crypto Exchange in Latin America appeared first on Times Tabloid.

According to the report, the development will give Tribal Credit additional capital to expand its business services in Latin America. The debt offering was reportedly funded through fiat and stablecoins.

Read Also: Stellar (XLM) Proposes Entirely New Method of Executing Smart Contracts

According to the company, the capital will be used to fund receivables from its customer base throughout Latin America, especially Mexico, Brazil, Chile, Colombia, and Peru.

In a conversation with Cointelegraph, Duane Good, Tribal chief operating officer, said that funding receivables from its customer base imply that Tribal can use the debt facility to help customers in the countries mentioned above.

Duane Good noted:

“…this new debt facility will be used to support our customer’s spending on the Tribal platform.”

While explaining the mechanics of the hybrid debt raised, Good pointed out that “a portion of the debt facility was established with SDF and funded through USDC.”

Read Also: Stellar Development Foundation Collaborates With DFS Lab to Bring African Startup to Stellar Blockchain

He added that a traditional debt facility, by contrast, “is an agreement with insittutiional lenders that enables a financial services firm to draw on the facility to support the underlying credit needs of their portfiolio.”

How Bitso and Stellar Development Foundation Are Related to Tribal Credit

Tribal Credit, which was launched in 2016, provides credit cards and other forms of funding to startups in emerging markets.

The company also employs a cross-border payment system supported by crypto exchange Bitso that allows businesses to convert local currency to Stellar’s USDC stablecoin. Integration with Stellar blockchain began in April 2021 after Tribal received $3 million from the Stellar Development Foundation.

Read Also: Stellar Development Foundation Moves to Take Over MoneyGram

Tribal and others have identified small businesses as a major source of growth for crypto payments and remittances, especially in emerging markets where access to traditional financial services is often limited.

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