Crypto network Ripple gets a foothold in Asia with its 40% stake in cross-border payment firm Tranglo
Rippleis set to take 40% stakes of Tranglo, a global cross-border payment hub focused on APAC markets.
- This will support rising customer demand in Asia and RippleNet's On-Demand Liquidity service according to Ripple's statement.
- Initially, new payment corridors will be set up in Southeast Asia and On-Demand Liquidity will become available in the Philippines.
Tranglo's infrastructure will support existing payment corridors, as well as enable RippleNet customers in additional countries to use the firm's On-Demand Liquidity service. "RippleNet customers using ODL will also be able to leverage Ripple's Line of Credit to free up working capital and scale cross-border payments into more markets than ever before" the company said in a statement.Cross-border payment processing firm Tranglo will support the expansion of the offer in Southeast Asia, starting with the Philippines and then rolling out to other countries, the company said, adding it also offers credit lines to users.
Ripple is currently dealing with legal issues in the US due to its use of the XRP token. The Securities and Exchange Commission said the company had raised $1.3 billion worth of unregistered securities in the form of XRP, which the regulator believes is a security and not a cryptocurrency. Ripple has repeatedly disagreed.This story has been corrected to reflect that Ripple does not operate or control XRP.
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