Ripple announced that it has agreed to take 40% stake in Asia’s cross-border payments specialist Tranglo. The company said that the partnership will allow Riple to meet growing customer demand in the region for the use of its affiliated token XRP in transactions.
Asheesh Birla, General Manager of RippleNet at Ripple said in a statement that “Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.”
Malaysia-based Tranglo has processed more than 20 million transactions totaling $4B in value since its launch, Ripple says.
Jacky Lee, Chief Executive Officer at Tranglo said “Tranglo has always prided itself on making cross-border transactions faster, cheaper and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
After the completion of the transaction, Amir Sarhangi, VP of Product and Delivery at Ripple, and Brooks Entwistle will join Tranglo’s board of directors. TNG Fintech Group will remain the majority shareholder in Tranglo and will work with Ripple to further expand Tranglo’s global remittances network, Ripple says.