March 29, 2024

Ripple will buy 40% stake in Tranglo payment system

Ripple will buy 40% stake in Tranglo payment system

Ripple will acquire a 40% stake in the Asian payment system Tranglo.

Purchase of a stake in a company is subject to approvalregulator. The permit is expected to be obtained this year.

The investment will enable Ripple to provide On-Demand-Liquidity in Asia. The company's statement states:

Southeast Asia is very divided in terms ofpayment systems. Each country has its own transaction processing and infrastructure. Money transfers between them are too expensive. As part of this partnership, we will try to solve the problem of international payments.

Tranglo is a Malaysian payment processor that has processed 20 million transactions with a total value of $4 billion since its inception.The firm has offices in Kuala Lumpur, Singapore, London and the UAE.

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