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Highlights
- A user on X asserted that no banks use XRP despite Ripple branding itself as a blockchain payments company.
- Pro-XRP lawyer Bill Morgan defended XRP and mentioned Tranglo's use of the Ripple-backed crypto for ODL transactions.
- He noted that 5,000 banks are linked with Tranglo, opening the door for XRP's usage via these banks.
A heated debate has erupted surrounding the use of Ripple’s XRP by Tranglo, a partner of the blockchain payments company. The controversy was ignited when Bill Morgan, a pro-XRP lawyer, asserted that Tranglo utilizes XRP in its cross-border payment services via Ripple’s On-Demand Liquidity (ODL) platform.
Controversy Around Tranglo’s Usage Of XRP
The recent controversy ignited following a reference to a 2018 Financial Times report, which stated that no banks were utilizing XRP at the time. The controversy gained momentum when Bill Morgan, a pro-XRP lawyer, entered the discussion. He asserted that Tranglo utilizes XRP within Ripple’s On-Demand Liquidity (ODL) platform.
Morgan stated, “Tranglo uses XRP in ODL for cross-border payments for its customers, and its network involves 5,000 banks.” However, skepticism emerged among some users, who challenged the validity of Morgan’s claims. One user highlighted the absence of explicit confirmation of XRP usage by Tranglo.
He wrote, “Nowhere does it say they use XRP. You CAN use Ripple payments without XRP. It’s On-Demand Liquidity, not On-Demand XRP.” In response, Morgan defended Tranglo’s position, citing a diagram illustrating Ripple’s involvement in ODL transactions as potential evidence of XRP usage. In addition, he urged skeptics to consider the broader context of Tranglo’s operations within Ripple’s ecosystem.
Furthermore, the debate took a new turn when a user referenced a 2022 SEC filing by Tranglo’s parent company, which did not explicitly confirm XRP usage. The user asserted that not a single bank associated with Tranglo uses XRP. However, Morgan dismissed this evidence as inconclusive, stating, “You did not prove that no banks in that network are not involved in ODL.”
Moreover, the lawyer underscored that the SEC filing was unrelated to the debate in question. He noted that the snapshot contained “some information from filings to a regulator in the US that contain risk disclosures of what may happen to part of its business if there are regulatory changes.” This implies that the user failed to prove that none of the banks in the Tranglo network have utilized XRP for ODL transactions.
Also Read: Ripple Vs SEC Lawsuit Update: SEC Considering Long Running XRP Suit Largely Over
Tranglo Expands Into Europe
The controversy came after Tranglo expanded its foothold in Europe. Inpay collaborated with Tranglo to back the latter’s European presence through the provision of Instant Single Euro Payments Area (SEPA), as outlined in the latest press release. This partnership has already yielded tangible results, with improved transfer speeds and reduced costs, effectively aligning global payments with the efficiency of local bank transfers.
Moreover, the alliance initially targets expansion into 12 SEPA countries upon launch, offering Tranglo access to a comprehensive technical and regulatory framework. Through a streamlined integration process, this partnership aims to extend Tranglo’s cross-border suite to an additional 24 European regions. This approach underscores Inpay’s broader global expansion strategy for 2024, with a particular focus on the Asian market.
Furthermore, the above-mentioned news directed the spotlight on XRP as Ripple holds a major stake in Tranglo. In addition, the company is expected to rely on XRP for ODL transactions. Whilst, speculations swirled around Tranglo’s use of XRP in cross-border transactions after Europe expansion. Therefore, the above-mentioned controversy was inevitable.
Also Read: XRP Price Dip Stirs Speculations As Whales Shift Over 170 Mln Coins, What’s Next?
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