In an effort to meet the growing demand of consumers, Ripple has acquired a large stake in Tranglo, an international payment provider.
According to its statement, the San Francisco based company has bought 40% of Tranglo’s share in order to grow its RippleNet on-demand liquidity service. Tranglo is a cross border solution for international money transfers for businesses and individuals.
Ripple said payment landscape is “highly fragmented” in Southeast Asia as each country has its own payment infrastructure. Ripple stated in the statement that the region needs standard integration for regional cross-border payments.
The company said the acquisition of its shares at Tranglo is part of its plan for improving the Southeast Asian payment environment, also being the fastest growing region for the adoption of RippleNet.
“Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region,” said RippleNet General Manager Asheesh Birla.
“By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim … to provide accessible and equitable financial services to the masses,” said Tranglo’s chief executive Jacky Lee.
Ripple has recently hired a former Goldman Sachs Executive Brooks Entwistle, the new Managing Director of Southeast Asia, which was introduced in Ripple’s activities in the region.
Technical analysis : XRP Cannot build on the split
This week, the price of Ripple (XR P) is almost unchanged following the purchasers’ efforts in the last two weeks to push up the price action. This push made it easier for the downward trend line to break. However, traders buying Ripple have been unable to capitalize on this breakup because the upward trend came to a standstill at $0.60. The next target is $0.65 to look higher. The trend line is only below the $0.50 pole on the downside.
In order to satisfy the growing customer demand in South East Asia, Ripple purchased a 40 percent stake in Asian leading cross-border payment provider Tranglo. In the mean time, the price of XRP is above $0.50 because the bulls continue to break the handle of $0.60.