Cryptocurrency firm Ripple has acquired a large stake in Asia based cross border payments specialist Tranglo. The firm is a leading payment hub that supports money transfer, business and mass payments, and mobile top ups.
XRP jumped once the news was confirmed.
Ripple says that the 40% stake in the remittance company is part of its commitment to enhance the payments ecosystem in Southeast Asia. The investment will enable the payments specialist to meet growing customer demand.
According to the press release, the purpose of this investment is to expand its Ripple On-Demand Liquidity service, and also to defragment the payments landscape in Southeast Asia.
Ripple claims that the landscape is highly fragmented, with each country possessing its own form of payments infrastructure, but the region lacks a standard integration for region cross-border payments.
Tranglo CEO Jacky Lee, in a statement:
“By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to provide accessible and equitable financial services to the masses.”
Tranglo is a cross-border money and prepaid credit transaction hub that provides businesses and individuals the ability to transfer payments globally. Founded in 2008, the company has a global network that spans more than 100 countries and 2,500 mobile operators, and 1,300 banks and wallets.
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