After several months of criticism and backlashes from the SEC and a number of crypto exchanges, San Francisco-based fintech firm Ripple strives to gain back a foothold in the crypto space.
Ripple is on a big move to expand its RippleNet On-Demand Liquidity service, according to an announcement today.
Ripple claimed it has consented with Asia’s leading cross-border payments specialist Tranglo, to acquire 40% of the company.
Following the announcement, Ripple affirmed that Tranglo’s efficiency in powering fast, easy, and secured cross-border payments will help foster fast and easy payment solutions for its token XRP, all around the globe.
Reports revealed that it has been the aim of Ripple to enhance the payment system in Asia, being the “fastest-growing region for Ripplenet adoption”.
Perfect Partnership With Mutual Drive
Interestingly, it is the ambition of Tranglo “to provide accessible and equitable financial services to the masses.” Thus, the collaboration can be best described as “perfect”.
Since it is a mutual concern for the partnering companies to attend to challenges associated with cross-border payments, the new development will enable them to combine strategies for further efficiency in that regard.
By means of the newest partnership, Ripple can further broaden On-Demand Liquidity services to new regions.
The company also made provision for Ripplenet’s existing customers that are already on the ODL platform to be able to utilize “Ripple’s Line of Credit to free up working capital and scale cross-border payments” into newer markets.
The General Manager of RippleNet at Ripple, Asheesh Birla expressed his excitement on the new partnership, hence declaring Tranglo “as an ideal partner” that would help actualize Ripple’s goals.
“……We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.” He said.