- Ripple issued a press release on Tuesday in which it stated that it is planning to acquire a 40% stake in Tranglo
- The collaboration intends to fulfill the purpose of expanding Ripple’s service of RippleNet On-Demand Liquidity
- The shift into Southeast Asia clashes with Ripple’s new hiring move in the respective firm
Cryptocurrency firm Ripple recently acquired a huge stake in an Asia-based cross-border payments specialist firm Tranglo. The former took the respective decision to fulfill the growing customer demand.
Ripple’s significant investment in Tranglo
Ripple issued a press release on Tuesday in which it stated that it is planning to acquire a 40% stake in Tranglo. This respective investment in this Asian payments specialist entity Tranglo intends to fulfill the purpose of expanding its service of RippleNet On-Demand Liquidity.
Ripple highlighted in the release that the payments ecosystem of Southeast Asia represents a highly fragmented space. Each country owns a different type of payments infrastructure respective to its regional complexities. However, this space does not have a quality integration for regional cross-border transactions.
Per the release, Ripple emphasized that its investment in Tranglo is an integral part of its commitment to amplifying the payments network in Southeast Asia.
Tranglo’s CEO, Jacky Lee, explained in his statement that by collaborating closely with Ripple and launching On-Demand Liquidity to fresh markets, the company intends to offer attainable and equitable financial facilities to the masses.
The shift into Southeast Asia clashes with Ripple’s new hiring move in the respective firm. On March 19, Brooks Entwistle, the former Goldman Sachs executive, joined the institution with the position of managing director in Southeast Asia. Brooks will be leading the escalating the firm’s functioning in the region.
Tranglo’s take on the partnership
Founded in 2008, Tranglo translated into reality when a Malaysian serial businessman observed a great demand for remote mobile top-ups. He noticed that immigrants were purchasing these top-ups as presents and dispatching airtime back home to their family. Realizing that traveling to multiple countries to purchase physical reload cards was unmanageable and ineffective, he wished to establish a logical solution to frontier airtime transactions, thus Tranglo emerged.
Currently, Tranglo represents one of Asia’s topmost cross-border payment portals that offer smart services for airtime top-ups as well as for foreign settlements and business transactions. Equipped with a global platform, Tranglo boasts of developing a technology that makes the service of cross-border transactions quicker, economical, and safer.
Ripple made the announcement official on Twitter. It stated that this collaboration with Ripple will lead to both firms combining their in-depth skills to resolve the issues connected with cross-border transactions.
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