Ripple, the firm behind the third largest cryptocurrency XRP, has made a new partnership to bolster cross-border payments between the Us and Mexico.

The company has partnered with International Money Express, a money remittance services firm focused on the Latin and Caribbean area corridor, Ripple appear on Feb. 5. Also known as Intermex, the new financial partner of Ripple is listed on the Nasdaq stock market with the stock quote IMXI.

The new partnership could enable Intermex to implement Ripple'south On-Demand Liquidity (ODL) product through RippleNet, the visitor's global payment network connecting financial institutions. RippleNet'southward ODL relies on the digital asset XRP as a real-time bridge between the sending and receiving of currencies to enable faster and cheaper cross-edge transactions.

As such, Intermex, which is reportedly processing more than 30 1000000 payment transactions annually, intends to provide its customers with faster, cheaper and transparent cross-edge payments between the U.S. and Mexico. According to data from the World Banking company, United mexican states is one of the largest remittance recipients after Republic of india and Cathay, having operated $36 million in remittance flows in 2022.

Ripple continues to expand its presence in Mexico'southward remittance market

By partnering with Intermex, Ripple continues to expand its presence in Mexico's big remittance market equally the visitor has already provided its ODL service to the world'due south second-largest remittances business firm — MoneyGram International. As reported by Cointelegraph, both the ODL platform and XRP cryptocurrency accept been function of MoneyGram's operations since August 2022.

In November 2022, MoneyGram CEO Alex Holmes reportedly said that ten% of his visitor's business between the U.S. and Mexico was operated via Ripple'southward ODL. On top of that, Ripple CEO Brad Garlinghouse claimed that MoneyGram using XRP was a bigger deal than Facebook's stablecoin project Libra.

In late December 2022, Ripple raised $200 million in a new funding round, claiming that the investment marked a tape year for the business and its "strongest year of growth to date in 2022."