{"id":42464,"date":"2021-03-31T12:17:26","date_gmt":"2021-03-31T04:17:26","guid":{"rendered":"http:\/\/www.upgrademag.com\/web\/?p=42464"},"modified":"2021-03-31T12:17:28","modified_gmt":"2021-03-31T04:17:28","slug":"ripple-acquires-40-stake-in-tranglo","status":"publish","type":"post","link":"http:\/\/www.upgrademag.com\/web\/2021\/03\/31\/ripple-acquires-40-stake-in-tranglo\/","title":{"rendered":"Ripple acquires 40% stake in Tranglo"},"content":{"rendered":"\n

Ripple, a provider of enterprise blockchain solutions for global\u00a0 payments, announced that it has agreed to acquire 40% of Asia\u2019s leading cross-border payments\u00a0 specialist Tranglo. This partnership will allow Ripple to meet growing customer demand in the region\u00a0 and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send\u00a0 money instantly and reduce working capital needs. \u00a0<\/strong><\/p>\n\n\n\n

As a pioneer for cross-border payment services, Tranglo will play a critical role in supporting existing  corridors, such as the Philippines, and introducing new ODL corridors within its current network. As Ripple broadens its ODL footprint in the region, RippleNet customers using ODL will also be able to leverage Ripple\u2019s Line of Credit to free up working capital and scale cross-border payments into more markets than ever before. Tranglo will continue to provide and expand its current payment services to  make cross-border transactions faster, cheaper and more secure for its customers. <\/p>\n\n\n\n

Southeast Asia\u2019s payments landscape is highly fragmented. Each country comes with its own unique  process and payments infrastructure – the lack of a standard integration for regional cross-border  payments currently requires expensive workarounds. This partnership will see both companies  combine their in-depth local expertise to address the challenges associated with cross-border  payments. <\/p>\n\n\n\n

Ripple\u2019s investment in Tranglo is a reflection of the company\u2019s deepened commitment to enriching the  payments ecosystem in Southeast Asia, the fastest-growing region for RippleNet adoption. Last week,  the company announced Brooks Entwistle as Managing Director of Southeast Asia to lead and scale  its SEA operations.  <\/p>\n\n\n\n

Jacky Lee, Chief Executive Officer at Tranglo said: \u201cTranglo has always prided itself on making\u00a0 cross-border transactions faster, cheaper and more secure. By partnering closely with Ripple and\u00a0 introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide\u00a0 accessible and equitable financial services to the masses.\u201d\u00a0<\/p>\n\n\n\n

Asheesh Birla, General Manager of RippleNet at Ripple said: \u201cTranglo\u2019s robust payments\u00a0 infrastructure coupled with their unparalleled customer service and quality makes them an ideal\u00a0 partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We\u00a0 are excited to continue and carry out our shared mission to transform cross-border transactions to be\u00a0 faster, cheaper and more secure with blockchain technology and digital assets.\u201d\u00a0<\/p>\n\n\n\n

Completion of this transaction is subject to regulatory approval and customary closing conditions and  is expected to occur in 2021. Upon completion, Amir Sarhangi, VP of Product and Delivery at Ripple,  and Brooks Entwistle will join Tranglo\u2019s board of directors. TNG Fintech Group will remain the majority  shareholder in Tranglo.  <\/p>\n\n\n\n

RippleNet leverages distributed ledger technology to deliver financial solutions – from bi-directional  messaging, settlement, liquidity management and lines of credit – to a global network of partners. Last  year, Ripple announced Line of Credit, a service on RippleNet that allows customers using On Demand Liquidity (ODL) to source capital on-demand to initiate cross-border payments at scale using  the digital asset XRP. <\/p>\n","protected":false},"excerpt":{"rendered":"

This partnership will allow Ripple to meet growing customer demand in the region and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP to send money instantly and reduce working capital needs. <\/p>\n","protected":false},"author":6,"featured_media":42231,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[548,1034,7233],"class_list":["post-42464","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-headlines","tag-online-banking","tag-online-payments","tag-ripple"],"_links":{"self":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/42464","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/comments?post=42464"}],"version-history":[{"count":0,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/posts\/42464\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media\/42231"}],"wp:attachment":[{"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/media?parent=42464"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/categories?post=42464"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.upgrademag.com\/web\/wp-json\/wp\/v2\/tags?post=42464"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}