Ripple – already known for their (reportedly recently rocky) partnership with Moneygram – has announced that they will be buying a 40% stake in Tranglo, the leading payment solution in Southeast Asia.
Meeting Increased Demand
From this purchase, Ripple will be gaining a larger number of users to market their On-Demand Liquidity (ODL) XRP-based solution to. The purchase may also help Tranglo meet the needs of an ever-increasing market for quick money transfers.
If Western Union, Moneygram and other companies whose business model relies on getting money around faster than banks have lost customers in Europe and elsewhere due to SEPA and companies like Revolut, this market does not show any signs of decreasing in the APAC region. In a highly-fragmented payment ecosystem without much international cooperation, banks have fallen far behind less traditional money transfer solutions.
Not only will Tranglo customers be able to use the ODL network in order to get their money faster – simultaneously increasing the XRP market cap – ODL users will also get access to Ripple’s Line of Credit service.
According to Ashhesh Birla – General Manager of RippleNet – Tranglo’s advanced customer service and well-developed payment infrastructure are what drew the firm’s attention.
“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.”
Coupled with the recent news that seems to indicate Ripple may be gaining the upper hand in their ongoing legal battle with the SEC, the future of Ripple appears to be looking brighter and brighter – and this may directly influence the future value of XRP tokens.
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