Ripple announces a new investment in the cross-border payment company, Tranglo. It’s one of the leading payment companies in Asia. The latest investment includes buying a 40% share in Tranglo for Ripple.
The investment comes with more use-cases for RippleNet. Ripple can tap into the vast user-base in Asia and expand the reach of its On-Demand Liquidity (ODL) service. Using this service, companies like Tranglo can send and receive money with fewer cost using XRP tokens. The investment helps both companies serve more customers and expand the payment corridors in Asia.
More Opportunities for XRP Payments
Cross-border payment is one of the biggest challenges that can be solved efficiently using cryptocurrencies. Projects like Ripple (with XRP coin) focus on this challenge and have shown lots of capabilities. Ripple aims to work with as many traditional financial institutions to expand the reach of its tokens and products. RippleNet is one of the most critical focus areas for them. The service makes payments easier by providing a decentralized infrastructure for companies. The latest investment in Tranglo is another step toward expanding RippleNet reach.
Ripple will provide its ODL service to Tranglo. The Asian company will support more payment corridors and connect its customers to a broader network. Current RippleNet customers will benefit from this connection, too. They can scale their cross-border payments to more Asian markets.
Tranglo can work with Ripple to expand its market. It can serve citizens in more Southeast Asian markets. Ripple and Tranglo can combine their services and user-base that results in more manageable cross-border payments in Asia.
Ripple focuses on Southeast Asia a lot. It tries to find as many individual and enterprise customers in the region. The ultimate goal is to provide a comprehensive solution for easier cross-border payments. The latest investment in Tranglo shows the serious plan for increasing the reach in the area. Asheesh Birla, General Manager of RippleNet at Ripple.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.”
Tranglo benefits a lot from the latest investment of Ripple. It can use the new money to expand services and also benefit from RippleNet’s services. The company is one of the leaders in cross-border payment and can attract more customers by promoting new services.
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