XRP Surges 5% as Ripple Acquires 40% Stake in Tranglo

A surge in the price of XRP by 5% was observed right after Ripple announced the acquiring of 40% stake in Tranglo. The cryptocurrency is currently trading near $0.58 with a market cap of $26 billion. 

Ripple is one of Asia’s largest cross-border payment firms. The San Francisco-based blockchain company is preparing to extend RippleNet’s On-Demand Liquidity (ODL) service through the latest partnership.

Ripple Aims to Expand its Service via XRP Ledger

From the official announcement, Ripple aims to expand its services in Asia. The recent addition will play a major role in supporting the company’s existing corridors such as the Philippines. Cryptocurrency XRP is used by RippleNet’s On-Demand Liquidity (ODL) service to swiftly send money and reduce working capital needs.

Ripple has established several partnerships since the start of the year. The announcement made by the company earlier this month is about testing a private version of the XRP Ledger to support central banks in the issuance of Central Bank Digital Currencies (CBDCs).

According to the latest, data by Coinmarketcap shows XRP at the 7th position in the world. The cryptocurrency has a market cap of more than $26 billion. Due to the latest announcement, a 5% jump in the price of XRP is observed. The digital asset jumped above $0.585 for the first time since 22 March. XRP is now up by more than 150% since the start of 2021.

Tranglo to Support Ripple and its CBDC Bridge Using XRP

Founded in 2008, Tranglo is a cross-border payment hub with a strong presence in the Southeast Asia region. The company has establishments in Jakarta, Dubai, Kuala Lumpur, Singapore, and London.

Addressing the latest announcement, Asheesh Birla, General Manager of RippleNet at Ripple, said: “Tranglo’s robust payments infrastructure coupled with their unparalleled customer service and quality makes them an ideal partner to support our expansion of On-Demand Liquidity starting with the Southeast Asia region. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper, and more secure with blockchain technology and digital assets.”

Ripple recently released a whitepaper on the future of central bank digital currencies (CBDCs) and termed XRP as a bridge currency for CBDCs.