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Ripple has acquired a 40% stake in Asia’s leading cross-border payments specialist, Tranglo. Ripple announced that it had agreed to acquire a large stake in Tranglo, to meet growing customer demand in the region, and expand the reach of its RippleNet On-Demand Liquidity service.

According to the company’s website, Tranglo is one of Asia’s leading cross-border payment hubs, providing smart services for foreign remittance and business payments.

Ripple argues that Southeast Asia’s payments landscape is ‘highly fragmented’, with each country possessing its own unique process and payment infrastructure. The lack of standard integration for cross-border payments is proving to be expensive. Ripple hopes that, with this new partnership, both companies can work together to address the challenges with cross-border payments in the region.

“Tranglo has always prided itself on making cross-border transactions faster, cheaper and more secure. By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim to further that ambition to provide accessible and equitable financial services to the masses,” said Jacky Lee, Chief Executive Officer at Tranglo. 

The completion of this transaction is subject to regulatory approval and customary closing conditions, and is expected to occur in 2021.

XRP is currently the 7th largest cryptocurrency by market cap and is currently trading at $0.574, according to data from CoinMarketCap.

Feature image by lisa poor from flickr