• rippleXRP$1.31-2.00%

XRP Jumps after Ripple Acquires 40% Stake in Tranglo – Finance Magnates

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XRP price jumped nearly 5% after Ripple announced that the company has acquired a 40% stake in Tranglo, one of Asia’s largest cross-border payment firms. The San Francisco-based blockchain company is planning to expand RippleNet’s On-Demand Liquidity (ODL) service through the latest partnership.

According to the official announcement, Ripple aims to expand its services in Asia and the recent acquisition will play a major role in supporting the company’s existing corridors such as the Philippines. RippleNet’s On-Demand Liquidity (ODL) service uses cryptocurrency XRP to instantly send money and reduce working capital needs.

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Founded in 2008, Tranglo is a cross-border payment hub with a strong presence in the Southeast Asia region. The company has offices in Kuala Lumpur, Singapore, Jakarta, Dubai and London. Ripple has formed several partnerships since the start of 2021. The company announced earlier this month that it is testing a private version of the XRP Ledger to support central banks in the issuance of central bank digital currencies (CBDCs).

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Commenting on the latest announcement, Asheesh Birla, General Manager of RippleNet at Ripple, said: “Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an
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