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Ripple’s past collaboration with Tranglo has sparked heated debate about XRP’s role in cross-border transactions. However, in a shocking move, Ripple has reportedly sold its 40% stake in Tranglo, a Malaysian payments company that used XRP to streamline cross-border transactions. This news, first reported by Crypto Eri on X, caused widespread controversy in the XRP community.
Crypto Eri has noticed that the Ripple investment portfolio on Crunchbase now shows exits from both Bitstamp and Tranglo. While Ripple’s exit from Bitstamp is related to Robinhood’s acquisition of the exchange, the reason for Tranglo’s exit remains unclear. Tranglo has been a key partner of Ripple, using XRP to facilitate cross-border payments. Ripple acquired a 40% stake in Tranglo in 2021 as part of its strategy to expand RippleNet and its on-demand liquidity (ODL) service, which was renamed Ripple Payments. This partnership was instrumental in integrating XRP into Tranglo’s payment routes, resulting in a significant increase in transaction volumes.
At this time, Ripple has not commented on the reasons for its exit from Tranglo. The community is left with questions about the future of the partnership and what this move means for Ripple’s strategy and the use of XRP in cross-border payments. While the reasons for this decision remain speculative, it reflects ongoing changes and challenges in the crypto industry. Investors and observers will have to stay tuned for more information from Ripple and updates on Tranglo’s prospects.
Image: CryptoRank