Monday, May 16, 2022
Home Crypto News Market Tranglo Explains How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments

Tranglo Explains How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments

- Advertisement -
Follow-Us-On-Google-News

Tranglo Describes How Digital Currencies Like Ripple (XRP) Are Transforming Global Payments.



Businesses can now complete international transactions seamlessly and in real-time. As any business leader can confirm, the best way to grow any business is to explore opportunities within and outside the business’s jurisdiction. It is a proven fact that any business that wants to hit its revenue goals faster than the competition needs to explore emerging markets and hire the best talents, even if they are overseas.

However, many businesses often face the issue of payments when conducting business transactions overseas. Common issues include delayed transactions, huge transaction fees, and disruption by third parties. For instance, there are often several intermediaries (particularly banks and payment processing platforms) when a business needs to pay their overseas talent or partners in a currency different from their local currencies.

Such transactions are often complicated involving a lot of time and fees, forcing businesses to wait for days in settling international transactions. However, the emergence of blockchain and digital currencies is bound to eradicate such problems. Through blockchain technology, businesses can conduct their transactions smoothly without payment bottlenecks.

Two years ago, top blockchain and crypto tech firm, Ripple, released a report titled “Blockchain in payments.” A summary of the report showed that businesses wouldn’t mind completing their transaction using digital currencies because it eliminates cross-border payment issues. Also, 40% of the surveyed businesses consider speed as one factor that would enable them to incorporate a blockchain-related payment system into their businesses.

Tranglo’s partnership with Ripple for efficient transaction settlement

Making cross-border payments seamless and fast is what Tranglo (a cross-border payment platform) aims to help businesses achieve. Tranglo enables the interoperability of two fiat currencies through Ripple’s native token (XRP) without the involvement of any third party.

Tranglo uses XRP because the digital asset eases and hastens exchange and settlement, decreases operational expenses, and makes pre-funding unnecessary. Hence, businesses can remit and receive funds from their overseas partners from part of the globe.

According to Tranglo “The use of XRP eliminates pre-funding, reduces operational costs, and unlocks capital to make exchange and settlement much easier and faster.”

Before the availability of Tranglo, many businesses in Southeast Asia and beyond had to spend huge amounts in developer fees to enable their payments system for cross-border transactions. However, Tranglo eliminates that issue.

Through its partnership with Ripple, transactions can be settled in real-time regardless of the local currency or where the businesses involved in the transaction are located.

“Tranglo is one of the few in the market offering true real-time transaction settlement by harnessing the power of an established local payment processing network that is undergoing digital transformation through partnerships like the ones with Ripple.”

- Advertisement -

Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

California ‘Cardinale Automotive Group’ Now Accepts Shiba Inu (SHIB) As Payment

California Business "The Cardinale Automotive Group" Now Accepts Shiba Inu (SHIB) as a Payment via BitPay. window.coinzilla_display...

Shiba Inu’s Shibarium To Match Ethereum Layer-2 Scaling Platform Polygon’s Operability, Scalability, and Security 

Shibarium Will Have Polygon’s Features of Operability, Scalability, and Security. window.coinzilla_display = window.coinzilla_display || ; ...

Is Bitcoin Going Below $20K Or Are Institutional Investors Buying Again? CryptoQuant CEO Explains

Institutional Investors Could Be Accumulating BTC Through Market Makers after Strong Selling. window.coinzilla_display = window.coinzilla_display || ; ...

Why Is Bitcoin The Most Popular Cryptocurrency?

Bitcoin is the most popular cryptocurrency because it was the first one created. Bitcoin is also a decentralized currency, not subject to government or...

How Can Bitcoin Affect Asics, a Sports Equipment Company?

Asics, the brand behind the popular running shoes, is a company that has a significant market share worldwide and is one of the biggest...

Top Hedge Fund Manager Who Warned Investors, Says Terra’s Project Was Destined to Fail Due To High Yield

The hedge fund manager said Terra failed because the system was designed to enrich investors and the team. ...

SHIB Army Burns 449.98 Million Shiba Inu In 24 Hours, 2.17 Billion In A Week

2.17 Billion Shiba Inu (SHIB) Burnt within the Last 7 Days and 449.98 Million During Last 24 Hours. ...

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.