Blockchain payments firm Ripple, which is known for using digital currency XRP, has acquired a 40% stake in Malaysian cross-border payment startup Tranglo to gear up for its expansion in Southeast Asia, the firm announced on its website on March 30. The investment took place even as Ripple has an ongoing legal fight with the Securities and Exchange Commission (SEC) in the United States.
Although it is unclear whether the acquisition is going to be realized in cash, equity, or via cryptocurrency, the partnership allows Ripple to capture burgeoning demand of cross-border remittance in the region and expand the reach of its On-Demand Liquidity (ODL) product, which uses XRP as a medium of exchange to facilitate cross-border money transfers.
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