The Latin American cross-border settlement corridor is getting significant traction for Ripple’s (XRP) On-Demand Liquidity (ODL). With the help of remittance service Felix Pago and Ripple partner Bitso, the biggest cryptocurrency platform in South America, it is now possible to send money between the United States and Mexico using WhatsApp and cryptocurrencies. Under this partnership, by operating as a backend crypto provider, Bitso will enable consumers to transmit U.S. dollars that are instantly converted into pesos without navigating a convoluted crypto infrastructure.
The long-term goal of the agreement between Bitso and Felix Pago is to expand to other Latin American nations, such as Brazil, Colombia, Uruguay, and Argentina, where Bitso already has a sizable presence.
Felix Pago’s chat remittance technology based payments service was introduced in early 2022, which utilizes WhatsApp. With real-time settlement, it enables users to conduct transactions over the instant messaging network with easy settlement as sending a text message.