Ripple partners with one of Asia’s widely known cross-border payment firms, as the Company gains access to 25 different payment corridors.
Ripple Gains Access to 25 Different Payment Corridors
A couple of days earlier cross-border payment services provider, Tranglo, announced its partnership with Ripple. Tranglo tweeted they are thrilled to enable RippleNet’s ODL (on-demand liquidity) across all of their payment corridors. Tranglo explained the development proceeded after ODL successful pilot deployment last September. In the pilot phase the ODL executed $48 million worth of 250k transactions, in the span of mere 100 days. CEO Tranglo, Jacky Lee commented:
“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming.
CEO further added through the partnership the customers could now be enabled to access both RippleNet and Tranglo Connect. Resultantly, increasingly diverse payment needs of customers would be met adequately.
Ripple’s Presence Around the Globe
RippleNet has an ever increasing presence in countries e.g. Singapore, Philippines, Japan and Australia. Japan’s SBI Bank is one of Ripple’s major trading partners in the world. The platform has most of its business in East Asia and Europe. As per the report, transactions on ODL increased substantially over the past 12 months.
To further expand Ripple’s business in Europe, the company hired Mastercard’s former employee Sendi Young as its Managing director for the region.
Currently trading at $0.76, Ripple’s native XRP is up 20% over the past Week, as the Bitcoin remains trading around $43k. Moreover, SEC’s lawsuit against Ripple might have a significant impact on XRP price in the near future. The discovery phase ended on February 28.