Ripple partners with Nasdaq-listed company to support US-Mexico cross-border payments

Source: Cointelegraph Chinese

Author: Helen Partz

Compile: Lay

Ripple, the company behind XRP, the world's third largest cryptocurrency, has established a new partnership to support cross-border payments between the United States and Mexico.

Ripple announced on February 5 that it has partnered with International Currency Express, a currency remittance service company focused on the Latin and Caribbean corridor, also known as Intermex. Ripple's new financial partner is listed on the NASDAQ stock market under the name IMXI.

Specifically, the new partnership will enable Intermex to implement Ripple ’s on-demand liquidity (ODL) products through Ripple, the company ’s global payment network that connects financial institutions. Ripple's ODL relies on the digital asset XRP as an implementation bridge to send and receive currency for faster and cheaper cross-border transactions.

As a result, there are reports that Intermex processes more than 30 million payment transactions each year, and the company intends to provide its customers with faster, cheaper and more transparent US-Mexico cross-border payment services. According to World Bank data, Mexico is one of the largest recipients of remittances after India and China, with remittance flows of $ 36 million in 2019.

Ripple continues to expand business in Mexico's money transfer market

Through cooperation with Intermex, Ripple continues to expand its business in Mexico's large remittance market, and the company has provided its ODL service to MoneyGram International, the second largest remittance company in the world. According to Cointelegraph, since August 2019, Ripple 's ODL platform and XRP cryptocurrency have become part of the MoneyGram operation.

According to reports, in November 2019, MoneyGram's CEO Alex Holmes had stated that 10% of the company's business between the United States and Mexico was operated through Ripple's ODL. In addition, Ripple CEO Brad Garlinghouse also claimed that MoneyGram ’s use of XRP is more important than Facebook ’s launch of the stable currency project Libra.

In late December 2019, Ripple raised $ 200 million in a new round of funding and claimed that the investment marked a record year for the business and that “2019 is also the strongest year to date”.