Ripple Becomes the Owner of a 40% Stake in Tranglo

by in Blockchain News

Ripple Tranglo partnership

Blockchain solutions company Ripple, which created the token XRP announced acquiring a 40% stake in Asian cross-border transfers firm Tranglo. The goal of this cooperation is to extend RippleNet’s On-Demand Liquidity (ODL) services in Asia. Tranglo and Ripple's cooperation suggests supporting the firm's present corridors like the Philippines.

RippleNet clients using ODL can leverage Ripple’s Line of Credit to benefit more from circulating capital and bring cross-border activities into more markets at the same time making them more secure and efficient in time and cost.

As stated in the publication, two companies join their forces to find solutions to current hurdles concerning cross-border transactions.

Trending: SEC chief thinks bitcoin threatens US financial sector

After the news went public, the price of XRP increased. At the moment the cryptocurrency trades at around $0.57 with a market cap of above $26 B. Following the case of the SEC starting legal actions against Ripple Labs, the company has been considering moving the business outside the US.