ODL will handle 20% of bank transfers

2022-01-11 区块链达人

A study by McKinsey in 2016 describes that the average US bank charges between USD 25 and 35 for processing a cross-border payment, which is ten times the price of an average domestic payment. These figures do not strike a healthy balance in view of global poverty. The Economist also estimated the cost of remittances to be around 7% of the amount to be transferred.

The result of a new report by the World Bank shows that Mexico is one of the largest markets in Latin America, with 35 billion remittances.

So far, 10% of all MoneyGram’s transfers are processed via XRP and ODL. The volume in the last week of December has increased significantly, so Bitso CEO Daniel Vogel plans to handle 20% of weekly transfers between the US and Mexico by the end of 2020. In a new podcast in Messari’s Unqualified Opinions format, Vogel explains that his company was initially just a ripple gateway, but that the ODL payment solution has brought the company strong growth:It was great for us as a company because you don’t depend on the volatility of the cryptocurrencies… as a company, the things that you can’t actually control are the most frustrating things.

Vogel further points out that his exchange was looking for a crypto-based money transfer service that would work even when cryptocurrency prices fluctuate widely. With ODL, Bitso has found the perfect payment solution:We’ve actually increased our volume, and that’s because we’ve spent a long time finally creating a wire transfer solution, which you alluded to in the introduction. This is very important to us because it is based on the use of krypton, a business model where you don’t necessarily have to rely on rising crypto prices to make your business work very well.

Author : Collin Brown