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.
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
This month, Ripple recruited Brooks Entwistle, a former executive at Goldman Sachs, to manage work in the region.
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.
The price of the XRP, which has risen 4.06% in the past 24 hours, rose to $ 0.57438 at the time of writing.