thecryptobasic.com
Ripple has reportedly divested its stake in Tranglo, a partner company that utilizes XRP to facilitate international payment transactions.
Crypto Eri, a reputable figure in the XRP community, first called attention to this development in a post on X today. She cited information from Crunchbase, a trusted platform for business information.
According to Crunchbase’s recent update, Ripple’s list of investment exits now includes two notable partners: Bitstamp exchange and Malaysian payment firm Tranglo. Crypto Eri suggested that Ripple likely exited Bitstamp due to the impending acquisition by prominent American investment platform Robinhood.
However, the reported exit of Tranglo caught the XRP community off guard. Crypto Eri pointed out that Ripple previously held a substantial 40% stake in the cross-border payment firm, which leveraged XRP for transactions.
This created confusion over the reasons behind Ripple’s exit. As a result, Eri emphasized the need for further verification from credible sources.
Crunchbase updated Ripple investment EXITS.
Bitstamp exit was probably due to the Robinhood acquisition, but surprised to see @Tranglo, where Ripple held a 40% stake in the cross-border payment company that utilized #XRP (ODL).
Additional confirmation recommended. pic.twitter.com/dmEF8lIXpF
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) July 15, 2024
XRP Army In Disbelief
Interestingly, some members of the XRP community have dismissed Eri’s revelation as FUD aimed at discrediting XRP and Ripple.
Meanwhile, an X user highlighted that Crunchbase “exits” refer explicitly to instances where a company that received investment goes public. The user emphasized that the information on Ripple’s Crunchbase profile is likely inaccurate since Tranglo is a private company—a detail explicitly mentioned on Tranglo’s own Crunchbase profile.
Crypto Eri responded by clarifying that Seamless Group Inc actually owns Tranglo. This company has been attempting to go public through a Special Purpose Acquisition Corporation, INFINT Corp, since 2022 with multiple starts and stops.
Three months ago, Infint updated its S-4 filing with the SEC, mentioning Tranglo 712 times and Ripple 256 times. However, Eri found no confirmation the deal was finalized. Meanwhile, Eri uncovered that Cowen, a strategic partner to Polysign, sold its 10% stake in Infint Corp.
Seamless Group Inc., owns Tranglo. They have been trying to go public through a SPAC (Infint Corp) with many starts and stops since 2022. Infint updated their S-4 in April 2024 (Tranglo is mentioned 712 times, and Ripple mentioned 256 times). I can't find where this transaction…
— 🌸Crypto Eri 🪝Carpe Diem (@sentosumosaba) July 15, 2024
This further aggravates the uncertainty, leaving the community with more questions than answers about whether Ripple has similarly sold its stake. As of now, no representative of Ripple has commented on Eri’s discovery.
Ripple and Tranglo Partnership
Significantly, Ripple acquired a 40% stake in Tranglo in 2021 to expand RippleNet and its On-Demand Liquidity (ODL) service, now rebranded as Ripple Payments.
By March 2022, Tranglo had successfully integrated Ripple’s ODL across all its payment routes. It enabled fast and efficient cross-border payments without the need for pre-funding.
Notably, the partnership between Ripple and Tranglo yielded significant results. In 2022, SMEs processed $970 million through Ripple’s service, a 1,729% increase from the $53 million processed in the previous period.