XRP is on the up and up following Ripple’s 40% acquisition of Tranglo
Malaysian-headquartered cross border payment firm Tranglo sold 40% of its business to Ripple.
Ripple has announced a 40% acquisition in cross-border payments specialists Tranglo. Industry observers say this partnership will help Ripple meet the growing demand for cross-border solutions in the Asia region.
Tranglo was founded in 2008 before cryptocurrency was a thing. It has developed a solid reputation around Southeast Asia since its formation.
The price of XRP saw a modest 4% gain on the news. Only BNB performed better out of the large-caps, likely due to surging TVL in the Binance Smart Chain ecosystem.
Ripple looking to strengthen its foothold in Asia
Ripple stated that Tranglo would play a key role in supporting existing On-Demand Liquidity (ODL) corridors and in introducing new corridors.
“Through the On-Demand Liquidity (ODL) service, RippleNet leverages the digital asset XRP as a bridge between two currencies, allowing you to eliminate pre-funding of destination accounts, reduce operational costs and unlock capital.”
By expanding ODL services in the region, the firm is also looking to leverage its Line of Credit service. As the name suggests, customers borrow XRP to complete near-instant, low-cost cross-border transfers. This is repayable when convenient and for a small fee.
Asheesh Birla, General Manager of RippleNet, praised Tranglo’s business while reiterating its goal to expand operations in the Southeast Asia region.
“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.”
Although some had assumed Ripple would slow down, at least until the Securities and Exchange Commission (SEC) lawsuit had concluded, this has not been the case at all.
In January, Ripple said they were continuing to close out deals with more customers than ever before. The deal with Tranglo is further confirmation of this strategy.
Judge Torres allows third party intervention by XRP holders
In the on-going SEC vs. Ripple lawsuit, the SEC was dealt a blow yesterday as Judge Analisa Torres granted XRP holders the motion to intervene.
Attorney John Deaton argued that neither Ripple nor the SEC represented the interests of XRP holders. He, therefore, called on Judge Torres to allow intervention by XRP holders.
The Ripple legal team passed no objections. However, the SEC had tried to stop this motion from passing, but it seems Judge Torres was not swayed by their arguments.
The inclusion of XRP holders puts an additional intricacy into the already complex case. It’s expected that they will argue harm was caused by the SEC’s actions, contravening their mandate to protect investors.
At the time of press, XRP is ranked #7 by market cap and the XRP price is up 2.16% over the past 24 hours. XRP has a market capitalization of $25.86 billion with a 24-hour trading volume of $4.08 billion. Learn more ›
XRP30 Mar at 5:42 pm UTC
At the time of press, the global cryptocurrency market is valued at at $1.86 trillion with a 24-hour volume of $132.24 billion. Bitcoin dominance is currently at 59.14%. Learn more ›