Ripple continues to expand into the Asian market by acquiring a stake in an international payment company.
According to the blog, Ripple has agreed to buy a 40% stake in cross-border payment company Tranglo to expand RippleNet’s liquidity service, or ODL, which uses XRP cryptocurrency. Completion of this transaction requires approval from the authorities, with the investment company TNG Fintech Group as the main shareholder in Tranglo.
The new acquisition is expected to significantly expand Ripple’s ODL lines with Tranglo’s payment infrastructure. Tranglo is a cross-border payment processing center founded in 2008 that supports business payments, money transfers and mobile refills. The company has offices in Malaysia, Indonesia, the United Arab Emirates and the United Kingdom.
Ashish Birla, CEO of RippleNet, said the acquisition will make cross-border transactions faster, cheaper and more secure with blockchain technology and digital assets.
Following the completion of the acquisition, Ripple’s CEO of Southeast Asia Brooks Entwistle and Vice President Product and Delivery Amir Sarhangi will join Tranglo’s board.
As Cointelegraph previously reported, the US Securities and Exchange Commission filed a lawsuit against Ripple in late 2020, claiming that the company violated securities laws by selling XRP tokens since 2013. In early March, Garlinghouse’s CEO said the SEC’s lawsuit had not affected the company’s operations. . I asia.