Ripple secures 40% stake in cross-border payments platform Tranglo

Cross-border payments have grown exponentially especially since the beginning of the COVID-19 pandemic. Driven by the need to meet growing customer demand, leading enterprise blockchain solutions provider, Ripple has agreed to take over 40% of Asia’s cross-border payments specialist, Tranglo.

According to sources close to the deal, this partnership will help Ripple meet growing customer demand and extent the reach of ODL (On-Demand Liquidity), a service that utilizes digital asset XRP to instantly transfer money and cut working capital needs.

Whereas Tranglo will play a role in supporting corridors, like the Philippines, and introduce new ODL corridors across its existing network. It will also continue to provide and expand its present payment services to enable faster, cheaper and more secure cross-border transactions for its customers.

Remarking on the partnership, Asheesh Birla, GM of RippleNet, Ripple, said that Tranglo’s robust payments infrastructure in line with their unmatched customer service quality sets them as an ideal partner to support Ripple’s expansion of ODL initially starting with Southeast Asia.

Mr. Birla affirmed their company is elated to continue on the shared mission of making cross-border transactions faster, secure and cheaper using blockchain technology and digital assets.

As per Jacky Lee, CEO of Tranglo, their firm has always boasted on making cross-border transactions more secure, cheaper and faster. By collaborating with Ripple and launching ODL to new markets, Tranglo aims at furthering its ambition of providing equitable and accessible financial services to the customers on a large.

Reliable sources state that finalization of the transaction is conditioned to regulatory approval and customary conditions and which is likely to occur in 2021. On completion of the deal, Amir Sarhangi, Ripple’s Product and Delivery VP, and Brooks Entwistle will become a part of Tranglo’s board of directors.

Source Credit: https://www.businesswire.com/news/home/20210329005796/en/Ripple-Acquires-40-Stake-in-Asia%E2%80%99s-Leading-Cross-Border-Payments-Specialist-Tranglo