Ripple ODL Partner To Facilitate Cross-Border Remittances from Canada to Mexico in New Partnership

Ripple’s ODL solution has been tapped for cross-border settlements from Canada to Mexico.

Ripple On-Demand Liquidity (ODL) cryptocurrency exchange Bitso has partnered with Africhange to facilitate cross-border settlements between Mexico and Canada. 

Africhange has successfully processed cross-border payments worth $70 million from Canada to Nigeria. With Africhange seeking to expand its services to Mexico, the company partnered with Bitso, thus allowing remittances to be sent from Canada to Mexico. 

Rationale Behind the Partnership

According to an announcement, there has been a growing population of Mexicans who live and work in Canada due to the massive job opportunities in the country. 

As of 2020, nearly 130,000 Mexicans reside in Canada, with the number skyrocketing in the last two years. At the moment, 21% of Canada’s population are immigrants. These immigrants, representing 15% of Canada’s population, constantly send money back home to their families and loved ones. Citing a report shared by Data Mexico, Africhange said a total of $146 million had been sent to Mexico from Canada as of 2022. 

Commenting on the development, Olatunji Obaoye, Senior Product Manager at Africhange, said: 

“By leveraging the blockchain and partnering with Bitso, one of the biggest cryptocurrency platforms in Latin America, we aim to provide a cross-border exchange experience that’s seamless, cheap, and fast.”  

Obaoye added that Africhange wants to help Mexican immigrants living in Canada to easily send money back home to their loved ones. The company makes this possible by addressing the major constraints of cross-border settlements, like slow transaction process and high cost of transfers. 

Carlos Lovera, Partnerships and Business Development Lead at Bitso, said:

“We are very happy to announce this partnership with Africhange, which reinforces our commitment to bring useful crypto products to migrant communities while confirming Bitso’s leadership in one of the most successful use cases of crypto technology: cross-border payments.” 

Bitso is a top Latin American crypto company that has continued to foster cross-border payments using Ripple solutions. As reported by TheCryptoBasic, the cryptocurrency exchange collaborated with Everest for cross-border remittance to Mexico using XRP. It is noteworthy that Bitso has been a major player in large amounts of XRP transfers made recently. 

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