Ripple is to acquire a 40% stake in Asian cross-border payments specialist Trianglo.
Ripple says the deal will help it to meet growing customer demand in the region and expand the reach of On-Demand Liquidity (ODL), which uses the digital asset XRP for instance money transfers and working capital.
Founded in 2008, Trianglo's global network spans more than 100 countries, 2,500 mobile operators, 1,300 banks/wallets and 130,000 cash pickup points.
Under the agreement with Ripple, Tranglo will play a critical role in supporting existing corridors, such as the Philippines, and introducing new ODL corridors within its current network. RippleNet customers using ODL will also be able to tap the company's latest line of credit offering to free up working capital and scale cross-border payments into more markets using XRP.
Asheesh Birla, general manager of RippleNet says: “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.”
Completion of the transaction is expected later this year. Financial terms were not disclosed.