Why is Ripple rising today? Ripple invests in Bitso

Why is Ripple rising today? The firm behind the third biggest cryptocurrency XRP has led an investment round in Bitso.

October 14, 2019, | AtoZ Markets –  Ripple, the cross-border payments company based in San Francisco, has announced that they are leading an investment round in Bitso, a leading cryptocurrency exchange in the Spanish-speaking world.

Ripple invests in Bitso crypto exchange

Bitso, one of the biggest cryptocurrency exchanges in Mexico has raised an undisclosed sum of money from notable investors. The investment was led by Ripple, with participation from Coinbase and Jump Capital. Existing investors – Digital Currency Group and Pantera Capital – also participated in the round, according to the announcement.

The raised funds will help Bitso expand its business into Argentina and Brazil and other Latin American nations. The co-founder and CEO of Bitso, Daniel Vogel has been quoted as saying:

The region is ready for disruption and we want to be the ones to do so by radically advancing financial inclusion for everyone.

Bitso, which has been operating in Mexico since 2014 claims to serve more than 750,000 users in the country. Ripple says that the Bitso plays an important role in RippleNet’s United States-Mexican corridor by providing liquidity for payments.

Ripple had earlier launched On-Demand Liquidity (ODL) capabilities with MoneyGram into Mexico where Bitso played an important role as a key exchange partner.

Ripple price surges to $0.29

This recent development is the reason why Ripple price has risen today to a high of $0.29121 at the time of writing. The uptrend pushed its daily gains up by 4.84 %, as calculated from the opening price. At the same time, XRP stole a large chunk of capital from the Bitcoin market, rising by as much as 5.13% against the flagship cryptocurrency.

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