Ripple to be used as Payments by InstaReM and BeeTech

Singapore-based company InstaReM and FX provider offering services in Latin America, BeeTech recently declared about their partnership using Ripple products
01 June 2018   1763

The partnership is mainly aimed on opening a new payments corridor between South East Asia and Latin America. As claimed in the official details, the banks are going to use Ripple’s xCurrent and xVia products to provide real-time payment system across borders of the target areas.

xCurrent product also supplies end-to-end tracking resolves for transactions that will provide banks with the ability to message each other in real time. The product is also presented by a rulebook which is developed by Ripple as well as the RippleNet Advisory Board to ensure legal clarity and consistency.

Because of the standard interface for payments across different networks of the xVia product, the users will be able to send payments globally with transparency. It also has the facility of attacking rich information and payment status.

The connectivity that Ripple’s innovative blockchain network provides will allow us to offer our customers - including corporates and small businesses - quick, hassle-free payments into BeeTech’s markets.
Prajit Nanu,
CEO, InstaReM

InstaReM clients will have the possibility to send real-time payments into South America. The new solution will also let BeeTech customers access instant payment services using xVia, in those 60 markets that are managed by InstaReM. 

Bitso to Expand to Latin America With Investors Help

The amount of financing, attracted by the most popular Mexican exchange from the Coindesk and Ripple, isn't reported
15 October 2019   290

Mexico's leading cryptocurrency exchange Bitso has attracted funding from industry-famous investors to expand its operations in Latin America. The amount of investment is not disclosed, reports The Block.

The financing round was led by fintech company Ripple, also the largest US cryptocurrency company Coinbase took part in it. In addition, the participants in the round were Digital Currency Group and Pantera Capital, who had previously invested in the exchange.

Bitso has been operating in Mexico since 2014 and claims to serve 750,000 users in the country. The exchange intends to use the raised funds for business expansion primarily in such large countries as Argentina and Brazil.

Among other economic difficulties, a number of Latin American states are facing currency crises. In Argentina, the government, for example, imposed restrictions on the purchase of foreign currency, trying to stop the fall of the peso. Brazil's economy has fallen into recession due to high unemployment, declining investment and a global recession.

Against this background, cryptocurrency activity is growing in the region.

Weekly LocalBitcoins Volume in Argentina (USD)
Weekly LocalBitcoins Volume in Argentina (USD)

In Argentina, weekly volumes of bitcoin transactions on the p2p platform LocalBitcoins jumped to almost $ 196 thousand. In Brazil, this figure reached $ 307 thousand.