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Ripple Partner Tranglo Surpasses $1 Billion in ODL Transactions

Fri, 05/12/2023 - 15:45
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Tomiwabold Olajide
Ripple partner Tranglo claims it has improved volume in key corridors
Ripple Partner Tranglo Surpasses $1 Billion in ODL Transactions
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In a new tweet, Ripple partner Tranglo says it has revitalized volume in key corridors, processing over $1 billion in ODL transactions since the launch of ODL.

In March 2022, Tranglo enabled Ripple's On-Demand Liquidity (ODL) service for all its payment corridors after the success of its pilot ODL deployment in September 2021, which saw 250,000 transactions worth $48 million processed within the initial 100 days.

Ripple acquired 40% of Asia's leading cross-border payments provider, Tranglo, in 2021. This partnership was meant to allow Ripple to meet growing customer demand in the Asian region and expand the reach of ODL, which utilizes the digital asset XRP.

Tranglo boasts of its partnership with Ripple, saying it now offers improved cross-border payout services with even broader coverage through RippleNet, Ripple's global payment network. Notably, Ripple has also broadened its ODL footprint as a result of the partnership. 

Another development regarding the growth of ODL is that Bitso, a major cryptocurrency exchange in Latin America and also a Ripple partner, reported last quarter that through institutional crypto solutions like the On-Demand Liquidity (ODL) product, it exceeded $3.3 billion in transactions between the U.S. and Mexico in 2022.

Last quarter, total XRP sales by Ripple recorded significant growth, reaching $361.06 million. Ripple has continued to sell XRP only in connection with ODL transactions.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.