Ripple has acquired a 40 percent stake in Malaysia-based cross-border payment firm Tranglo to introduce new corridors for its On-Demand Liquidity (ODL) service.
The partnership will allow the company to further expand its presence in Southeast Asia. According to Ripple, the region needs “a standard integration” for cross-border payments.
As reported by U.Today, Ripple hired former Uber executive Brooks Entwistle to lead its operations in Southeast Asia last week.
If the acquisition gets greenlit by regulators, Entwistle will be sitting on Tranglo’s board of directors together with Amir Sarhanghi, vice president of product at Ripple.
This February, Tranglo established new payment channels with Nigeria and Ghana, the two largest remittance recipients in the world, as well as Uganda and Brazil.
Ripple’s Line of Credit service
In his statement, Ripple CEO Brad Garlinghouse says that customers will be able to take advantage of both ODL and the Line of Credit service:
Thrilled to finally announce this one -- combining Tranglo’s APAC footprint with RippleNet will create an even better experience for customers who can take advantage of both ODL and Line of Credit!
As reported by U.Today, Ripple started offering XRP loans to the members of the RippleNet network for funding global payments.