Crypto community has reported that Ripple has sold its stake in payment company Tranglo
Tranglo uses Ripple’s XRP token and On-Demand Liquidity (ODL) service to make international payments
17.07.2024 - 11:15
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What’s new? Fintech company Ripple, which developed the $34 billion XRP token and payment protocol of the same name, has sold its 40% stake in Malaysian payment company Tranglo. A prominent member of the XRP community under the nickname Crypto Eri announced in his X account. Tranglo uses the XRP token and Ripple’s On-Demand Liquidity (ODL) service for international payments.
What else is known? Tranglo was part of Ripple’s strategy to expand global transactions using XRP. With the ODL service, Tranglo provides faster and cheaper international transactions.
Another member of the XRP community under the nickname WrathofKahneman, citing documentation, reported that one of the Ripple employees who worked at Tranglo has returned to Ripple, this could also indicate a stake sale and exit from the company.
In his opinion, this deal will significantly impact XRP, as Tranglo remains among the official users of Ripple Payments. Moreover, the cash infusion could help the company expand its business and use of the token.
The user also clarified that Tranglo is owned by Seamless Group (formerly TNG Fintech). Ripple began partnering with Seamless in 2021, but the latter later announced a merger with InFinT Acquisition Corporation to go public in the US via a SPAC deal. Meanwhile, the initial filing for the US Securities and Exchange Commission (SEC) was overdue and was resubmitted in April this year.
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Earlier this year, Ripple sold its stake in crypto exchange Bitstamp to online broker Robinhood. The stake was purchased by Ripple from crypto hedge fund Pantera Capital in May last year.
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