Tranglo will continue to provide and expand its current payment services
Ripple has agreed to acquire 40% of Asia’s cross-border payments company Tranglo. This partnership enables Ripple to meet growing customer demand in the region and expand the reach of RippleNet’s On-Demand Liquidity (ODL) service.
According to the report, Tranglo will play an important 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’s Line of Credit to free up working capital and scale cross-border payments into more markets.
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’s board of directors.
TNG Fintech Group will remain the majority shareholder in Tranglo.
We’ve reported that Binance teamed up with a Singapore-based platform.