skip to Main Content
bitcoin
Bitcoin (BTC) $ 69,980.75 3.29%
ethereum
Ethereum (ETH) $ 2,453.51 1.03%
tether
Tether (USDT) $ 1.00 0.03%
bnb
BNB (BNB) $ 569.85 3.19%
solana
Solana (SOL) $ 166.69 3.83%
usd-coin
USDC (USDC) $ 1.00 0.01%
xrp
XRP (XRP) $ 0.513862 0.88%
dogecoin
Dogecoin (DOGE) $ 0.175605 12.04%
staked-ether
Lido Staked Ether (STETH) $ 2,451.87 0.98%
tron
TRON (TRX) $ 0.161219 1.45%

Ripple acquires stake in cross-border payments firm

Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo to further expand its ODL service in Southeast Asia.

2766 Total views

18 Total shares

Ripple acquires stake in cross-border payments firm

Ripple continues its push into the Asian market by acquiring a stake in a cross-border payments firm.

According to a blog post, Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo, with the aim to expand RippleNet’s On-Demand Liquidity, or ODL, service that uses the XRP cryptocurrency. The completion of this transaction is subject to regulatory approval, with investment firm TNG Fintech Group remaining the majority shareholder in Tranglo.

The new acquisition is expected to significantly expand Ripple’s ODL corridors with Tranglo’s payments infrastructure. Founded in 2008, Tranglo is a cross-border payment processing hub supporting business payments, money transfers and mobile top-ups. The firm has offices in Malaysia, Indonesia, the United Arab Emirates and the United Kingdom.

Asheesh Birla, general manager of RippleNet, said that the acquisition will “transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.” 

After the acquisition is completed, Ripple’s managing director of Southeast Asia, Brooks Entwistle, and vice president of product and delivery, Amir Sarhangi, will join Tranglo’s board of directors.

As previously reported by Cointelegraph, the United States Securities and Exchange Commission brought an action against Ripple in late 2020, alleging that the firm violated securities laws by selling XRP tokens since 2013. In early March, CEO Garlinghouse said that the SEC lawsuit did not affect the company’s business in Asia.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top