Bordereless Payment Solutions: Bitcoin And XRP Could Lead To Massive Remittance Savings In This Location
Bitcoin and the entire crypto market have been seeing increased interest in 2020, despite the global crisis triggered by the pandemic.
More and more people are interested in Bitcoin and are seeing the coin as a viable safe haven these days – the number of investors has been on the rise and it’s expected that the trend will continue.
India’s remittance market to benefit from BTC and XRP
A new study made by the crypto research platform Coinpaprika and crypto exchange OKEx finds India’s remittance market would benefit from the use of BTC and XRP as borderless payment solutions.
The report analyzes the current role that the digital assets have in facilitating transactions between the US and Mexico.
Experts are highlighting the fact that the Mexican crypto exchange Bitso is now processing more than 2% of all remittances in the US and Mexico corridor.
Bitso uses XRP as a bridge currency to process payments via ODL. The On-Demand Liquidity product was formerly known as xRapid, but Ripple had a rebranding process.
India is expected to follow Mexico’s footsteps
Experts are reportedly expecting that India follows the path that Mexico took since the rear a lot of people in the country who are already turning to digital assets in order to convert the rupee to Bitcoin and then to US dollars on peer-to-peer trading platforms such as LocalBitcoins and Paxful, according to the latest data coming from the online publication the Daily Hodl.
“Using Bitcoin or other cryptocurrencies, such as XRP, as a cross-border payment medium, Indians can save a large number of remittance fees,” the report notes.
We suggest that you check out the complete notes of the report.
Other than this, the crypto market looks good today, with most coins trading in the green. Bitcoin is currently priced at $9,562.24, and at the moment of writing this article, XRP is trading at $0.200449, and Ripple’s coin is also trading in the green.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.