Ripple Extends Asia-Pacific PARTNERSHIP With Tranglo

Ripple today gave an update regarding its partnership with Singapore-based cross-border payment firm Tranglo, including the milestones reached over the past six months.

Since Ripple acquired a 40% stake in Tranglo in March 2021, the Asia-Pacific payments specialist has launched its first live On-Demand Liquidity (ODL) service on RippleNet in the Philippines. There are plans to introduce further corridors in the coming months.

Ripple said in a statement on its website that the Philipines rely heavily on cross-border remittances, due to the significant amount of Filipino Overseas Foreign Workers who send money home from abroad. ODL uses the digital asset XRP, which facilitates instant and cheap cross-border payments. This eliminates the need for costly pre-funded accounts. 

Brooks Entwistle, Managing Director of RippleNet said that “The strong traction with Tranglo in the past six months alone is testament to how we’re executing well on our shared mission to transform the cross-border payments experience in Asia-Pacific, a region which is often tricky to navigate”.

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Despite its high-profile lawsuit with the US Securities and Exchange Commission, Ripple and digital asset XRP have been blazing a trail across Asia-Pacific, as well as the rest of the world. ODL has been growing 130% quarter-over-quarter, and accounts for nearly a quarter of transactions on RippleNet.