Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo to further expand its ODL service in Southeast Asia.
March 30, 2021 | AtoZ Markets – Ripple bought a 40% stake in Asian cross-border payments company Tranglo. This was announced by the CEO of the California-based firm Brad Garlinghouse.
Thrilled to finally announce this one — combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit! https://t.co/FyKn4oXTJJ— Brad Garlinghouse (@bgarlinghouse) March 30, 2021
According to the press release, Ripple plans to improve the payment ecosystem in Southeast Asia, meet the growing demand and expand the presence of the On-Demand Liquidity product in the region.
“Through the partnership, the companies will pool their expertise to address the challenges of cross-border payments,” the statement said.
Two of Ripple’s top executives – Southeast Asia Managing Director Brooks Entwistle and VP of Products Amir Sarhangi – will join Tranglo’s board of directors following the close of the deal.
Earlier, Garlinghouse called the Asia-Pacific region the main market for RippleNet: the number of signed deals in 2020 increased by 80% compared to the previous year, the number of transactions – by 1,700%.
The head of Ripple also stressed that the lawsuit of the US Securities and Exchange Commission did not affect the company’s work in Asia.
Recall that in February 2021, the international money transfer service of the LuLu Exchange company from the UAE announced the integration of the RippleNet network.
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