Friday, September 30, 2022
HomeCrypto NewsMarketRipple Acquire Malaysia-based Tranglo To Expand RippleNet to South East Asia

Ripple Acquire Malaysia-based Tranglo To Expand RippleNet to South East Asia

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Ripple has announced it will buy 40 per cent stake in Tranglo, one of Asia’s largest payment companies. XRP usage is expected to increase through On-Demand Liquidity (ODL).

Ripple has struck a deal with Malaysia-based Tranglo to strengthen its position in Asia. Since its inception, Tranglo has performed more than 20 million transactions with a total value of more than $4 billion.

This month, Ripple recruited Brooks Entwistle, a former executive at Goldman Sachs, to manage work in the region.

Read Also: Ripple Attracts Former Uber and Goldman Sachs Top Level Executive

Tranglo is planned to use RippleNet channels in South Asia countries. Ripple said that international money transfers can be carried out “faster, at lower cost and more securely” through these channels.

Tranglo CEO Jacky Lee, who stated that they will use ODL in different countries, aims to reach a “wide audience” through this.

The agreement between the parties has not yet been approved by regulators. Ripple has announced that Amir Sarhangi and Brooks Entwistle, one of Ripple’s directors, will join Tranglo’s board if approval is obtained.

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The price of the XRP, which has risen 4.06% in the past 24 hours, rose to $ 0.57438 at the time of writing.

Read Also: 5 Exciting Altcoin News This Week Plus Some Other Major Altcoin Updates

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Mark Brennan
Mark Brennan
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.


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