Anyone who knows about cryptocurrencies will surely have heard about Ripple. XRC is one of the most traded mainstream cryptocurrencies together with Bitcoin (BTC), Litecoin (LTC) and Ethereum (ETH), among others.
New boss, new direction
Brooks Entwistle, the former executive at Goldman Sachs and Uber recently took over as Managing Director in Ripple Labs Inc Southeast Asia. In the first week of his appointment, the company announced that the crypto firm will be taking up a 40% stake in Tranglo, an Asian cross-border payment specialist. This will surely play an important part in meeting the demand for the use of transactions involving XRP as more users are coming onboard the cryptocurrency market.
Who is Tranglo?
As mentioned, Tranglo is a specialist in cross-border payment and it is based in Malaysia! To date, it has already processed more than 20 million transactions of such types. This amounts to more than USD$4 billion in value. This move clearly outlines the efforts of Ripple’s ODL (On-Demand Liquidity) services. Customers could use this to free up working capital and investing in more markets. To do this, they will need to make cross-border payments and that is where Tranglo would play a crucial part through its transactions platform which would be more secure, cheaper and faster.
Tranglo was founded by Jacky Lee in 2009 in Malaysia. Since then, it has been growing and expanding its network offering cross-border payment involving foreign remittance, mobile payment solutions and business transactions. To date, Tranglo serves more than 2,500 mobile operators worldwide and is present in over 100 countries. Besides Kuala Lumpur (Malaysia), Tranglo has offices in London, Singapore, Dubai and Jakarta and also manages more than 1,300 banks/wallets and more than 100,000 cash pickup centers. With this acquisition, this money market is set to grow even bigger especially when transactions can be more efficiently facilitated.