Ripple plans to acquire a 40% stake in Tranglo as part of its expansion of Ripplenet’s On-Demand Liquidity in Southeast Asia
According to Ripple’s Twitter, Ripple Labs is planning to take a 40% stake in Asian cross-border payments specialist Tranglo. As such, Ripple seems to be planning to expand Ripplenet’s On-Demand Liquidity (ODL) in Southeast Asia.
Thrilled to finally announce this one — combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit! https://t.co/FyKn4oXTJJ
— Brad Garlinghouse (@bgarlinghouse) March 30, 2021
Ripple plans to acquire a 40% stake in Asian cross-border payments specialist Tranglo
Tranglo – which has offices in Kuala Lumpur, Jakarta, Dubai, and London – is a company that supports business payments, payment collections, money transfers, and mobile top-ups.
The partnership with Tranglo will allow Ripple to serve the growing need for cross-border payments in the region as well as expand the reach of its ODL services. Utilizing ODL, XRP acts as a bridge currency between two fiat currencies to send money instantly and reduce the need for working capital.
According to Ripple’s announcement, Tranglo will continue to play a key role in supporting existing payment corridors in the region and will introduce new ODL corridors within its existing network. The partnership also means that Ripplenet customers using ODL will be able to leverage Ripple’s credit line to free up working capital and scale cross-border payments into more markets than ever before.
Asheesh Birla, general manager of RippleNet at Ripple said:
“Tranglo’s robust payments infrastructure makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets. ”
The partnership between Ripple and Tranglo will see both companies combine their expertise to tackle the highly fragmented payments landscape in Southeast Asia – as each country is now using processes and mechanics. its own unique payment infrastructure. The lack of a common standard for cross-border payments in the current state creates costly solutions for sending payments between countries in the region.
By working closely with Ripple and introducing on-demand Liquidity to new markets, it seems that Ripple is aiming to go beyond the ambition of providing fair and accessible financial services. to the public.
Tranglo’s planned acquisition of 40% of Tranglo shares is still subject to regulatory approval and customary closure conditions but is expected to take place later this year. Upon completion of the acquisition, Amir Sarhangi, vice president of product and delivery at Ripple and Ripple CEO Brooks Entwistle will join Tranglo’s board of directors. TNG Fintech Group will remain a major shareholder in Tranglo.
As such, despite Ripple’s current litigation with the US Securities and Exchange Commission over the status of XRP, the blockchain payment service provider is continuing to push into the Southeast Asian market.
You can see the XRP price here.
- SEC Is Voicing Opposition Against Allowing XRP Holders To Intervene In Its Lawsuit Against Ripple
- In The Past 15 Days, Jed McCaleb, Who Cofounded Ripple Labs, Sent A Whopping 127 Million XRP To Be Sold