ריפל רוכשת 40% ממניות טראנגלו האסיאתית
Cryptocurrency company Ripple has acquired a 40% stake in the Asian firm Tranglo - a specialist in cross-border payments. In a statement, Ripple representatives said the collaboration will help increase demand for XRP token use in financial transactions.
Tranglo is an international payment center headquartered in Malaysia. Since 2008, it has processed 20 million transactions worth $4 billion and now covers more than 100 countries, 2,500 mobile operators, 1,300 banks and 130,000 cash outlets.
Given Brooks Entwistle's recent appointment as Managing Director of Ripple in Southeast Asia, the company is serious about meeting the demand for fast and reliable cross-border payments through cryptocurrencies.
Another goal of investing in Tranglo for Ripple was to improve the payment ecosystem of the Asian region, while satisfying as many consumers as possible. It was also about expanding the liquidity service RippleNet On-Demand.
The main difficulty in the collaboration between Tranglo and Ripple may be that the payment systems of Southeast Asia today are clearly delineated. Each country has its own infrastructure, but overnight so they do not have a system of regional cross-border payments.
The completion of the transaction is expected to be approved by regulators and is due to take place in the coming months, after which Ripple representatives, represented by Amir Sarhangi and Brooks Entwistle, will join Tranglo's board of directors.