Cross-border payment processing hub Tranglo, which is also a partner of Ripple, recently announced hitting a milestone of over $1 billion in On-Demand Liquidity (ODL) transactions. This comes after a successful partnership with Ripple, which sought to increase customer demand in Asian regions and expand ODL services to new territories.
The partnership between Ripple and Tranglo began when Ripple acquired a 40% stake in the Asian fintech firm. This led to the integration of Ripple’s ODL service into Tranglo’s payment corridors, bringing a boost to the XRP token, which is utilized by ODL for instant payment settlement. With Tranglo’s reputation for fast and efficient cross-border payments, the integration has proven to be a successful move for both companies.
A pilot ODL deployment in September 2021 recorded an impressive 250,000 transactions worth $48 million processed within the first 100 days. Asheesh Birla, General Manager of RippleNet at Ripple, praised Tranglo’s contributions, stating that their robust payments infrastructure, unmatched customer service, and quality make them an ideal partner for Ripple as they expand ODL throughout Southeast Asia.
Ripple’s ODL service has seen recognition and adoption across various regions, including launches in Japan and Brazil. In Brazil, Ripple partnered with Travelex Bank, which became the first bank in Latin America to use ODL. Travelex Bank also gained approval from the Central Bank of Brazil to run a foreign exchange, solidifying its position in the market.
Furthermore, ChinaBank and Qatar National Bank (QNB) integrated Ripple’s ODL service for remittance purposes just two weeks ago. This aims to facilitate transfers from Qatar to the Philippines, highlighting the growing influence of these services on the global financial landscape.
While Ripple and Tranglo’s partnership has produced remarkable results, it’s crucial to consider potential downsides in the world of cryptocurrencies. As with any financial endeavor, risks remain, and the market’s volatile nature means that outcomes can change rapidly. Despite this, the expansion of ODL services and their adoption by prominent banks worldwide signals a promising future for Ripple, Tranglo, and the wider crypto community.
In conclusion, the success of Ripple and Tranglo’s partnership showcases the immense potential of blockchain technology and digital assets in revolutionizing cross-border transactions. By providing faster, cheaper, and more secure payment solutions, companies like these pave the way for financial innovation, fueling optimism within the industry. Nonetheless, a healthy dose of caution and thorough market research remains essential for potential investors to make informed decisions.
Source: Coingape
