Ripple has been facing fire from regulators in the United States over the past few months. However, that hasn’t stopped the blockchain firm from carrying out operations and expanding its base in other parts of the world.
Ripple Labs acquires 40% stake in Tranglo
Blockchain firm Ripple Labs purchased a 40% stake in Tranglo, a leading cross-border specialist in Asia. The US-based company announced this in a blog post yesterday, stating that the move would allow it to expand its operations in the continent.
“This partnership enables Ripple to meet growing customer demand in the region and expand the reach of RippleNet’s On-Demand Liquidity (ODL) service — which uses the digital asset XRP to instantly send money and reduce working capital needs,” Ripple said.
Tranglo will help Ripple by supporting existing countries such as the Philippines and expand to new territories. Thanks to this partnership, RippleNet customers using the ODL can take advantage of Ripple’s Line of Credit to raise capital and scale cross-border payments into more markets than ever before.
On its part, Tranglo will expand its current payment services to ensure that cross-border transactions are faster, cheaper and more secure for the customers. Ripple intends to use its partnership with Tranglo to close the difference between Southeast Asia’s fragmented payment landscape. “This partnership will see both companies combine their in-depth local expertise to address the challenges associated with cross-border payments,” the blog post added.
Tranglo is excited about this latest development. Jacky Lee, Chief Executive Officer at Tranglo, stated that “Tranglo has always prided itself on making cross-border transactions faster, cheaper and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses.”
Ripple’s case with the SEC lingers on
Ripple and its executives have been embroiled in a legal case with the US SEC over the past few months. The regulatory agency accused Ripple and its executives of issuing and selling unregistered securities.
The blockchain firm has denied the allegations, claiming that the XRP is not a security. Follow the live update here.