Today Ripple announced it’s acquiring 40% of Malaysian payments firm Tranglo. The deal means Tranglo will adopt Ripple’s On Demand Liquidity (ODL) solution, which uses XRP.
As of September last year, Tranglo’s cumulative transaction value was $6.91 billion. The company has offices across Asia, including Kuala Lumpur, Singapore, Jakarta, Dubai as well as London. It also has deals with telecoms firms such as the UAE’s Etisalat and Singapore’s Singtel and claims to connect to 2,500 mobile operators. Plus Tranglo says it links to 1,300 banks or wallets and 130,000 cash pickup points.
The Ripple announcement stated the payments company would use Ripple’s ODL in existing corridors’ such as the Philippines’ and will introduce new ODL corridors. Tranglo will also use Ripple’s Line of Credit, an incentive for remittances companies that provides a working capital solution.
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