Ripple acquires stake in Tranglo, a cross-border payments specialist

Ripple bought a 40% stake in Tranglo, an Asian company specializing in cross-border payments. This was announced by Brad Garlinghouse, the CEO of the California-based firm.

According to press release, Ripple plans to improve the payments ecosystem in Southeast Asia, satisfy growing demand and expand the presence of the On-Demand Liquidity product in the region.

“Under the partnership, the companies will combine their know-how to address issues related to international payments,” the statement said.

Two senior Ripple executives — Brooks Entwistle, Southeast Asia managing director, and Amir Sarhangi, vice-president of products — will join Tranglo’s board of directors after the deal closes.

Earlier, Garlinghouse described the Asia-Pacific region as the primary market for RippleNet: the number of signed deals in 2020 rose by 80% compared with the previous year, while the number of transactions grew by 1,700%.

The head of Ripple also stressed that the SEC lawsuit did not affect the company’s operations in Asia.

The SEC filed a lawsuit against Ripple

Earlier, in February 2021, the UAE-based LuLu Exchange announced the integration of RippleNet.