Wednesday, April 21, 2021
Home Crypto News Market Ripple 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 is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.


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