Ripple Labs acquired a 40% stake in the cross-border payment specialist company Tranglo to address the needs of crypto users in the region. The partnership aims to meet public demand for cryptocurrency, as well as improve the payment processes in the Asia-Pacific region.
Ripple will also use this opportunity to expand their On-Demand Liquidity (ODL) offering, allowing crypto users to send and receive funds instantly with no hidden costs.
A statement from RippleNet’s General Manager Asheesh Birla was also included in the press release, saying ‘Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region.’
On the other hand, CEO of Tranglo Jacky Lee also commented on their partnership, ‘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.’
Despite the ongoing SEC lawsuit, Ripple remains firm in improving its ties worldwide and is now reaching out to countries like Malaysia, Singapore, Philippines, and many more. Users can enjoy Tranglo’s services along with Ripple’s ODL to seamlessly complete cross-border payments and transactions with ease.
‘As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before,’ Ripple announced in a press release published on their website. Tranglo’s current operations and payment services will continue to expand as well.
Moreover, the partnership of Ripple and Tranglo comes at a time where the crypto market in Southeast Asia continues to grow amid the COVID-19 pandemic. The increase of value in select cryptocurrencies has also prompted more people to invest and trade digital assets using the services of Ripple and Tranglo.
Tranglo is a Malaysian-based payments company founded in 2008. Today, their global network spans 100 countries and partnerships with over 1,300 banks and wallets worldwide.
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