According to Ripple’s press release, Tranglo’s acquisition will enable it to create a standard integration for regional cross-border payments in Southeast Asia. While no details about the acquisition were revealed to the public, Ripple said the completion of the transaction is expected to occur in 2021.
Ripple acquired Tranglo — which has processed over 20 million transactions totaling $4 billion in value — to meet the growing customer demand for its service in the region. The partnership will also enable the company to expand the reach of its On-Demand Liquidity (ODL) service, which utilizes Ripple’s native XRP token to instantly settle cross-border transactions.
Broadening its ODL footprint in Southeast Asia will enable eligible RippleNet customers to leverage Ripple’s Line of Credit and repay their transactions at a later date.