Crypto Network Ripple, Tranglo, and Asian Market
Companies are willing to invest time and money to expand their services and products. Crypto network Ripple Labs made an important decision. According to the company, it will acquire a 40% stake in cross-border payment hub Tranglo. The purpose of this decision is to strengthen Ripple’s market presence in the Asia-Pacific region.
It is worth noting that, Tranglo’s infrastructure will support existing payment corridors. Moreover, it will enable RippleNet customers in additional countries to use the firm’s On-Demand Liquidity service.
Based on the information provided by the company, thanks to ODL, RippleNet customers will be able to leverage Ripple’s Line of Credit to free up working capital and scale cross-border payments into more markets.
Crypto network Ripple and new opportunities
It is worth noting that cross-border payment processing firm Tranglo will support the expansion of the offer in Southeast Asia. The first country to benefit from this decision is the Philippines. Interestingly, the company also offers credit lines to users.
As a reminder, RippleNet uses blockchain technology to make cross-border transactions easier. Importantly, the XRP token, which runs on Ripple’s network is one of the most widely traded, alongside bitcoin. Ethereum’s ether is also popular.
Interestingly, the digital asset market gained popularity in Asia, despite India’s recent ban on bitcoin. People should keep in mind that more than 30% of cryptocurrency transactions between mid-2019 and mid-2020 took place in Asia.
Its powerful payments infrastructure coupled with great customer service and quality makes them an ideal partner. It is not surprising that the crypto network Ripple decided to acquire a 40% stake in cross-border payment hub Tranglo. Thanks to Tranglo, it will be easier for Ripple to strengthen its positions in the Asia-Pacific region.
Unfortunately, Ripple is no stranger to scandals. At the moment, Ripple is trying to deal with legal issues in the U.S. due to its use of the XRP token. According to the Securities and Exchange Commission, the company raised $1.3 billion worth of unregistered securities in the form of XRP. As a reminder, the regulator believes that XRP is a security and not a cryptocurrency. However, Ripple does not agree with the Securities and Exchange Commission.
Ripple, as well as other companies, should work with the regulator to solve all issues.
As can be seen from the information stated above, cryptocurrencies are exceedingly popular in Asia, despite India’s decision. Hopefully, cryptocurrencies have the potential to deal with various challenges.
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