Ripple’s native cryptocurrency XRP is currently eyeing a move above $0.60 and it jumps 3.89% trading at $0.58 with a market cap of $26.2 billion. The recent price surge comes as Ripple announces a 40% stake acquisition in Asian FinTech giant Tranglo.
The Malaysia-based FinTech company is popular for offering fast and efficient cross-border payments solutions in the region. The press release states that this partnership will allow Ripple to expand its presence in the Asia market.
Besides, it will also provide a boost to the on-demand-liquidity for the digital asset XRP for instant payment settlements. Asheesh Birla, General Manager of RippleNet at Ripple, said:
“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. We are excited to continue and carry out our shared mission to transform cross-border transactions to be faster, cheaper and more secure with blockchain technology and digital assets.”
As Ripple looks to expand its ODL footprint in the Asian market, the existing customers of RippleNet can also leverage Ripple’s Line of Credit to free up the working capital while scaling cross-border payments into other markets.
Ripple Expansion to Asian Market
Ripple has been continuing to expand its services in Asia despite its current battle with the SEC currently. The SEC lawsuit has really made things difficult for Ripple and its executive. A number of Ripple partners in America have distanced themselves from the blockchain startup to avoid any further regulatory scrutiny.
However, Ripple’s partners from Asia have been standing strong with them. For e.g. Japanese giant SBI Holdings said that Ripple is still their strong partner for operations in Japan and that it hasn’t violated any of the country’s laws.
A few weeks back, Ripple CEO Brad Garlinhouse also confirmed that the company business in the Asia-Pacific region has;t been impacted even after the SEC lawsuit.
“It (the lawsuit) has hindered activity in the United States, but it has not really impacted what’s going on for us in the Asia Pacific. We have been able to continue to grow the business in Asia and Japan because we’ve had regulatory clarity in those markets,” he said.