Fintech company Ripple, which recently grabbed all the headlines after the SEC accused it of selling its native token XRP as an unregistered security, has just announced it has acquired a 40% stake in Asian payments processor Tranglo.
Tranglo is a cross-border prepaid cash and credit transaction hub that offers businesses and individuals the ability to transfer payments globally.
According to the announcement shared by Ripple, the aim of the investment is to expand the reach of Ripple's on-demand liquidity (ODL) service in Asia, which uses XRP for cross-border transactions.
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In particular, Tranglo will play a key role in supporting its existing ODL brokers, such as the Philippines, and introducing new ODL brokers in the Southeast Asian region.
Ripple claims the acquisition is part of its commitment to improving the payments ecosystem in Southeast Asia.
Ripple is focusing its business outside the US, as evidenced by this acquisition, due to the fact that both the company and two of its executives have been charged by the US Securities and Exchange Commission (SEC) with selling XRP as an unregistered security.