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Ripple acquires stake in cross-border payments firm Tranglo.
Ripple gets stake in cross-border payments firm Ripple has actually consented to acquire a 40% stake in cross-border payments firm Tranglo to additional broaden its ODL service in Southeast Asia.
Ripple continues its push into the Asian market by obtaining a stake in a cross-border payments company.
According to a blog post, Ripple has accepted acquire a 40% stake in the cross-border payments firm, with the goal to broaden RippleNet’s On-Demand Liquidity, or ODL, service that utilizes the XRP cryptocurrency. The conclusion of this deal is subject to regulatory approval, with investment firm TNG Fintech Group staying the bulk investor in Tranglo.
The new acquisition is expected to significantly broaden Ripple’s ODL passages with Tranglo’s payments infrastructure. Founded in 2008, Tranglo is a cross-border payment processing hub supporting business payments, cash transfers, and mobile top-ups. The firm has offices in Malaysia, Indonesia, the United Arab Emirates and the United Kingdom.
Asheesh Birla, basic supervisor of RippleNet, said that the acquisition will “transform cross-border deals to be quicker, less expensive and more protected with blockchain innovation and digital possessions.”
After the acquisition is completed, Ripple’s handling director of Southeast Asia, Brooks Entwistle, and vice president of item and shipment, Amir Sarhangi, will sign up with 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, declaring that the company broke securities laws by offering XRP tokens because 2013. In early March, CEO Garlinghouse said that the SEC claim did not affect the company’s service in Asia.
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