Ripple Strengthens Asian Link with Investment in Remittance Firm Tranglo
Ripple is undoubtedly forging ahead with it’s Asian expansion plans, as seen in its latest acquisition. The San Francisco-based cryptocurrency company has acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms.
Expanding Ripple’s ODL Service
Ripple said that the investment n Tranglo would help expand RippleNet’s On-Demand Liquidity (ODL) service. RippleNet’s On-Demand Liquidity (ODL) service uses cryptocurrency XRP to send money and reduce working capital needs instantly.
The blockchain company also said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia.
With this newly formed relationship, Ripple will expand its services in Asia and meet the growing customer demand.
Asheesh Birla, General Manager of RippleNet at Ripple, said that Ripple chose Tranglo because of its robust payments infrastructure coupled with unparalleled customer service and quality.
Also speaking on the latest development is Tranglo’s CEO Jacky Lee, who said;
“Tranglo has always prided itself on making cross-border transactions faster, cheaper, and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
Founded in 2008, Tranglo is a cross-border payment hub with a strong presence in the Southeast Asia region. It provides businesses and individuals the ability to transfer payments globally. The company has offices in Kuala Lumpur, Singapore, Jakarta, Dubai, and London. Tranglo has processed over 20 million transactions.
Ripple’s Commitment To The Asian Region
Ripple’s investment in Tranglo reflects the company’s deepened commitment to improving the payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption.
Ripple referred to Southeast Asia’s payments landscape as one that is highly fragmented. The company said the region lacks a standard integration for regional cross-border payments even though each country possesses its payment infrastructure.
The company has been making calculated moves leading up to this moment. Last week, Ripple announced Brooks Entwistle as Managing Director of Southeast Asia to lead and scale operations in the region.
Ripple recently released a whitepaper on the future of central bank digital currencies (CBDCs) and termed XRP as a bridge currency for CBDCs.
The report highlighted the growing need for an effective way for governments worldwide to pay benefits or stimulus money directly to citizens, especially the unbanked.
Meanwhile, Ripple’s Tranglo acquisition saw the XRP jump by 5%. For the first time since March 22nd, XRP jumped above $0.585. The digital asset is now up by more than 150% since the start of 2021.