- Tranglo, an online money transfer company, has confirmed a new milestone in its partnership with Ripple after enjoying a successful period of using the blockchain-powered payments service.
- The development comes after Ripple confirmed that it wanted to acquire a 40% stake in Tranglo to help boost the scope of its global financial network RippleNet.
- “Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights,” said a spokesperson for Ripple.
Tranglo, an international money transfer company, has confirmed that it will enhance its collaboration with the blockchain-powered cross-border payments infrastructure company Ripple.
The firm announced that the new milestone is in conjunction with its Singapore arm.
The partnership, which was launched six months ago, saw Tranglo offer its first On-Demand Liquidity service on RippleNet – Ripple’s international financial network – in the Philippines.
There is a plan for this to be offered in other localities in the future.
The news comes after Ripple announced that it planned to buy a 40% stake in Tranglo’s operations as part of an attempt to bolster the footprint of RippleNet.
For Tranglo, the relationship has seen the firm support existing RippleNet corridors across the Asia-Pacific region.
According to the managing director of RippleNet in the Asia-Pacific and the Middle East and North Africa regions, the relationship between the two companies has been particularly strong over the last six months.
Brooks Entwistle said that the two companies had shown the extent to which they want to change the cross-border payments experience.
“The strong traction with Tranglo in the past 6 months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia Pacific, a region which is often tricky to navigate,” he said.
He went on to say that Tranglo had offered Ripple a lot when it comes to local, on-the-ground expertise.
“Tranglo’s in-depth regional experience has been extremely instrumental in expanding RippleNet in Asia Pacific, and I’m excited to see us further collaborate to scale our partnership to new heights.”
Tranglo’s chief executive officer said that the plan to bring together “local and regional” support tools had been a success.
Jacky Lee pointed out that XRP, Ripple’s digital asset, had been used effectively.
“We have successfully unified local and regional support infrastructure using XRP as the bridging currency,” he said.
He added that the firm’s partners would be able to experience a better payment process in the coming months.
“With ODL and RippleNet, our partners can look forward to a more seamless payment experience.”