Follow Us

Ripple collaborates with Tranglo to expand in UAE Economy

Share on facebook
Share on twitter
Share on linkedin

Share

ripple
Share on facebook
Share on twitter
Share on linkedin
  • Ripple acquired a 40% stake in Tranglo in 2021 for scaling RippleNet and the ODL service. 
  • On 30th July 2021, Ripple reportedly launched its first ODL corridor in Japan. 
  • While writing this article native token of Ripple XRP is trading at $0.3442.  

As per many news sources, Dubai is expanding its infrastructure, and the government of UAE is in complete favour of establishing a crypto centre in Dubai. 

Recently, Ripple Technology expressed interest in expanding its ecosystem and use cases in the United Arab Emirates and has partnered with Tranglo to set up its new payment interface.   

The move is significant as the Arabian Gulf remains an important region for cross-border payments. The UAE, the second largest economy in the Arabian Gulf, is one of the world’s most important remittance senders and recipients. 

Tranglo allows Ripple the On-Demand Liquidity (ODL) service for all its payments passages in March after the victory of its test ODL deployment in September 2021, with 250k transactions totaling $48million concluded in the first 100 days.    

Ripple’s ODL solution with XRP allows users to move funds instantly across borders at a very low cost, without the need to hold pre-funded capital in the target market. 

Ripple acquired a 40% stake in Tranglo in 2021 for scaling RippleNet and the ODL service. Tranglo expressed joy after the successful collaboration with Ripple and circulated the same on their several publications underlining that it offers “enhanced cross-border payout services with an even wider coverage through RippleNet, Ripple’s global payment network.”    

According to the TheCoinRepublic reports that on 30th July 2021, Ripple reportedly launched its first ODL corridor in Japan. Notably, the country is also Ripple’s biggest market for remittance business, and its blockchain RippleNet technology is quite popular there.

In the second quarter of 2022, Ripple’s $XRP powered On-Demand Liquidity (ODL) has marked a significant growth in its volume. In this quarter, around $408.9 million tokens were sold, and the company witnessed a volume growth of 9x year-over-year. In the first quarter, sales of tokens were about $273.27 million.

As per data from coinmarketcap While writing this article native token of Ripple XRP is trading at $0.3442.

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.

en_badge_web_generic.b07819ff-300x116-1

We Recommend

Top Rated Cryptocurrency Exchange

-
00:00
00:00
Update Required Flash plugin
-
00:00
00:00