Despite swimming in troubled waters, Ripple did not refrain from moving ahead with developments pertaining to its platform. The prominent firm has been fending off accusations of the sale of unregistered securities imposed by the Securities and Exchange Commission [SEC] of the United States. While that lawsuit is being spearheaded by a team of 21 lawyers, the platform has been exploring new ventures.
Asia has been an attractive market. The world seems to be taking a keen interest in Asian countries as well as their culture. While the fintech sector is booming in these countries, several platforms like Ripple have been trying to establish a presence in these regions. Ripple, through its latest announcement, revealed that it had managed to secure a stake in a Malaysian platform, Tranglo in order to expand its On-Demand Liquidity (ODL) services.
Ripple Secures 40% Stake At Tranglo
Ripple has time and again revealed its interest to explore the Asian waters. In a recent press release, the platform revealed that it would be joining hands with the cross-bored payments firm, Tranglo by acquiring a 40% stake. Tranglo would reportedly aid in the increased demand for the ODL services provided by RippleNet.
Brad Garlinghouse, the CEO of the platform took to Twitter and addressed the same. The tweet read,
Both the parties involved seemed to be excited about this latest partnership. The Chief Executive Officer at Tranglo, Jacky Lee asserted that the firm intends to provide “accessible and equitable financial services” to an array of individuals through RippleNet’s ODL services.
Furthermore, the General Manager of RippleNet, Asheesh Birla, stated,
“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. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.”
Additionally, the platform recently onboarded Brooks Entwistle, the former chief business officer at Uber to head its Southeast Asian team.
