Ripple acquires stake in cross-border payments company in Southeast Asia
Ripple has agreed to acquire a 40% stake in cross-border payments firm Tranglo to further expand its ODL service in Southeast Asia.
Ripple is continuing its push into the Asian market by acquiring a stake in a cross-border payments company.
The completion of this transaction is subject
According to a blog post, Ripple has agreed to acquire a 40 percent stake in cross-border payments firm Tranglo with the aim of Bitcoin Code expanding RippleNet’s on-demand liquidity or ODL service, which uses the cryptocurrency XRP. The completion of this transaction is subject to regulatory approval, with investment firm TNG Fintech Group remaining the majority shareholder of 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 payments hub that supports business payments, money transfers and mobile top-ups. The company has offices in Malaysia, Indonesia, the United Arab Emirates and the UK.
Asheesh Birla, chief executive of RippleNet, said the acquisition will „make cross-border transactions using blockchain technology and digital assets faster, cheaper and safer.“
Once the acquisition is complete, Ripple’s managing director for Southeast Asia, Brooks Entwistle, and vice president of product and delivery, Amir Sarhangi, will join Tranglo’s board.
As we previously reported, the United States Securities and Exchange Commission filed a lawsuit against Ripple in late 2020, alleging that the company violated securities laws by selling XRP tokens since 2013. Earlier in March, CEO Garlinghouse said the SEC lawsuit will not affect the company’s business in Asia.