Recently, Ripple XRP bought a 40% stake in Tranglo to empower and conduct faster transactions. This is a move by the company to take its ODL service to Southeast Asia. Ripple has been targeting the Asian market for some time now.
This cross-border payment firm will help the company to take its RippleNet’s On-Demand Liquidity service that makes use of the XRP crypto. But for now, the transaction is still not complete and pending for the regulatory bodies to approve it. After approval and completion, the majority shareholder in the payment firm will remain TNG Fintech Group.
Ripple and Tranglo Acquisition
One of the positive impacts of the acquisition on Ripple will be that Tranglo payment infrastructure will help to expand Ripple’s ODL service.
Tranglo has existed since 2008 as a processing hub for cross-border payments, including money transfers, mobile top-ups, and business payments. Tranglo offices are located in Indonesia, United Arab Emirates, United Kingdom, and Malaysia.
According to the RippleNet general manager, Asheesh Birla, the new acquisition will change cross-border payments in every good way. These transactions will be cheaper, more secure, and even faster as they’ll be passing through blockchain technology in digital assets.
Also, the acquisition will reshuffle both company’s personnel placement a little. After the completion of the transaction, Ripple Brooks Entwistle, who’s been working as the Southeast Asia managing director, will join Tranglo’s board of directors.
Previously, the CEO has assured the community that the ongoing lawsuit by SEC against Ripple did not affect the company’s business in Asia. Even though the lawsuit is still ongoing, the company seems to be pushing towards growth and expansion.