Ripple, a San Francisco-based crypto company struggling with legal problems in the USA, continues to grow in Asia and the Middle East. The company, which offers cheaper and faster cross-border payment systems, is increasing its partnerships outside the USA with new agreements.
Finally, Tranglo, a commercial payment and mobile payment service for cross-border transactions, announced that it has partnered with Ripple. The partnership came after Ripple announced its intention to acquire a 40% stake in Tranglo in March 2021.
In the statement made by Tranglo, the following statements were used regarding Ripple’s growing market in Asia:
“Because each country in Asia Pacific has its own currency and unique payment infrastructure, the payment environment is highly fragmented and lacks interoperability. However, Asia Pacific remains one of the fastest growing for RippleNet, with transactions growing 130% year-over-year, with many SMBs, fintech and payment service providers in the region working to address current challenges with cross-border payments.”
Jacky Lee, CEO of Tranglo Group, said:
“We have successfully combined local and regional support infrastructure using XRP as the bridge currency. With ODL and RippleNet, our partners can expect a smoother payment experience. We look forward to further such collaborations in line with our mission to provide fair and accessible financial services, especially in Asia Pacific.”
Ripple continues to trade at $1.13 as of our news time.
*Not Investment Advice.