Ripple (XRP) constantly finds itself in the news for making a lot of progress and developments in the Asian region. It was the beginning of the year 2021, when the CEO of Ripple, Brad Garlinghouse had revealed that they were planning to expand their services in Asia.
In just a matter of two months, Ripple has shown great potential and interest in expanding its business and service in the entire Asian region. Just recently, Ripple has made an announcement showing how much serious it is in terms of expanding its network across Asia.
The firm has announced that it has recently acquired a stake in a firm that is known for cross-border transactions. One of the media sources from Asia has confirmed the rumors around the acquisition of stakes that Ripple has conducted.
The media source has revealed that the name of the firm in which Ripple has acquired the stakes is Tranglo. As of now, Ripple is the owner of 40% stakes at the Tranglo firm and it is considered to be a huge achievement by Ripple.
The acquisition of Tranglo would mean that Ripple will be able to increase the On-Demand Liquidity of its RippleNet service. The RippleNet service is known to operate with the help of the cryptocurrency that is XRP.
At present, the matter is being considered/looked into by the regulators and once it has been approved, the transaction will be processed for the completion of the stake acquisition.
As of now, the firm that has the majority of the shares for Tranglo is TNG Fintech Group, which is a major investment firm in Asia.
Once the acquisition is complete and Ripple gains access to the cross-border payments infrastructure, the company will be able to expand the corridor of its On-Demand Liquidity (ODL) service.
Tranglo is a cross-border payment processing hub that was founded back in 2008. Ever since its launch in 2008, the firm has been facilitating transactions for mobile top-ups, money transfers, and business payments.
At present, Tranglo has its offices based in different countries such as United Kingdom, United Arab Emirates, Indonesia, and Malaysia.
The general manager of RippleNet, Asheesh Birla has also talked about the recent move made by Ripple into the Asian markets. He stated that the acquisition of Tranglo and its cross-border payments infrastructure would prove to be extremely beneficial for Ripple.
Using this technology, RippleNet will be able to offer users secure, cheaper, and faster cross-border transactions. All of these transactions will be processed through the digital assets on the blockchain networks.
The sources have revealed that once the acquisition is complete, Ripple’s Brooks Entwistle and Amir Sarhangi will become the board of directors at Tranglo.
Brooks Entwistle is the managing director of Ripple for the Southeast Asian region, while Amir Sarhangi is the vice president of delivery and product at Ripple.