The reasons behind Ripple’s exit from Bitstamp remain unclear. Some speculate that Robinhood’s recent acquisition of Bitstamp for $200 million might be a contributing factor. This acquisition fueled rumors that XRP, Ripple’s native cryptocurrency, could soon be listed on Robinhood.

It’s worth noting that Ripple acquired Bitstamp itself last year for an undisclosed amount. At the time, Ripple president Monica Long emphasized the acquisition as a strategic move to expand Ripple’s global presence and influence beyond the payments sector.

Uncertainties Regarding Tranglo

The news of Ripple’s divestment from Tranglo has raised questions within the XRP community. Some prominent XRP figures, including Crypto Eri and WrathofKahneman, have expressed concerns about the accuracy of the information, as details haven’t been confirmed through other sources.

Ripple’s website still lists Tranglo as a partner and maintains them on their social media following. Previously, Ripple held a 40% stake in Tranglo, a company that leverages XRP to facilitate on-demand liquidity for cross-border payments.

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Market Reaction to Ripple’s Investment Activity

The news of Ripple’s divestments hasn’t caused any immediate significant price movements for XRP. The token has experienced a modest 1.06% increase in the past 24 hours, currently trading around $0.53.

On the futures market, total open interest for XRP has risen slightly to 1.27 billion, following a 19% increase last week. However, it’s important to note that some investors are taking profits with futures open interest dropping slightly on major exchange Binance.

The reason behind Ripple’s exits from Bitstamp and Tranglo is yet to be confirmed by the company. The investment activity has sparked discussion within the XRP community, with some questioning the accuracy of the Tranglo news and others speculating about the potential implications for XRP.

Regardless of the motivations behind these divestments, Ripple remains a key player in the financial technology landscape, and its future actions will undoubtedly continue to be of interest to investors and the broader cryptocurrency community.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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Tranglo’s payment process, facilitated by RippleNet’s ODL solution, streamlines cross-border transactions for remittance providers by eliminating the need for large pre-funding deposits. This five-step process fosters efficiency and cost-effectiveness.

The process begins with a remittance licensee requesting bulk pre-funding through RippleNet at Tranglo. The remittance source then uses Ripple’s ODL service to withdraw the requested amount in XRP from a digital wallet.

Once acquired, the XRP is transferred to Tranglo’s designated exchange account and converted into the appropriate fiat currency. Following the conversion, Tranglo credits the licensee’s wallet within their system with the requested amount designated for remittance payout. Finally, Ripple issues an invoice to the licensee for settlement.

Tranglo (#Ripple Payments) is connecting Malaysia and Singapore in real-time settlement with #XRP as the settlement mechanism. #QR

The main two banks are Citi and HSBC. Other notable banks include JPMorgan, DBS, Standard Chartered, Bank of India and Bank of China (#BRICS+) https://t.co/l9EpPgbIEV pic.twitter.com/uVvwe1wXh1

— Chad Steingraber (@ChadSteingraber) April 16, 2024

Successful Implementation of RippleNet ODL by Tranglo

In March 2022, Times tabloid reported Tranglo’s adoption of RippleNet ODL across all its payment corridors. This strategic move empowered remittance providers to offer swift cross-border payments at a reduced cost, eliminating the need for substantial pre-funding that often hinders transaction speed.

The success of this integration is evident. Following a fruitful pilot program launched in September 2021, Tranglo officially embraced RippleNet ODL. The pilot program processed a remarkable 250,000 transactions totaling a staggering $48 million within its initial 100 days.

This partnership has yielded impressive results. In 2022, Tranglo facilitated the processing of $970 million for small and medium-sized enterprises (SMEs) through RippleNet ODL. This figure represents a significant 1,729% increase compared to the $53 million processed by RippleNet ODL before the partnership.

Furthermore, Tranglo’s overall transaction volume has witnessed significant growth. In 2018, the company processed $1.3 billion. By 2022, this figure had more than tripled to $3.3 billion, coinciding with the implementation of RippleNet ODL.

As per Tranglo’s official website, the company has facilitated a total of 46 million transactions with a cumulative transaction value exceeding $11.81 billion. Notably, Tranglo currently provides real-time settlement solutions for countries including Singapore, Malaysia, and the Philippines.

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Impact on XRP Price: A Consideration

In a separate update, Steingraber acknowledged that the over-the-counter (OTC) nature of these ODL payments likely minimizes their direct impact on the market price of XRP. Public cryptocurrency exchanges, where most retail trading occurs, wouldn’t necessarily reflect the volume associated with these transactions.

This sentiment aligns with the views expressed by other prominent figures within the XRP community, such as Panos Mekras. Additionally, Ripple has publicly stated that it designs ODL to minimize any demand-driven influence on XRP’s price.

A Promising Partnership for the Future of Cross-Border Payments

The collaboration between Tranglo and RippleNet demonstrates the potential of XRP and blockchain technology to revolutionize the cross-border payments landscape. By offering a streamlined, cost-effective, and real-time settlement solution, this partnership empowers remittance providers and facilitates international transactions for businesses of all sizes.

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Eliminating Friction in eWallet Transfers

Traditionally, transferring funds internationally to eWallets involves intermediaries, leading to delays and increased costs. Tranglo’s new solution aims to eliminate these hurdles. By streamlining the process, users can send money directly from abroad to recipients’ eWallets in participating countries. This not only expedites transactions but also reduces associated fees.

Read Also: Tranglo Announces Activation of Ripple’s ODL that Leverages XRP across All Its Payment Corridors

The service is currently available in eight Asian nations: Nepal, Cambodia, Pakistan, Bangladesh, Indonesia, Vietnam, the Philippines, and China. Tranglo plans to progressively expand its reach to encompass additional countries as the product matures.

Supported eWallets include popular options like GCash, PalawanPay, LinkAja, and Astrapay, catering to a vast user base within the region. Pro-crypto lawyer Bill Morgan took to his X account to praise the development. He wrote, “great vision”.

Capitalizing on the eWallet Boom

Tranglo’s initiative aligns with the booming eWallet market, particularly in Asia. Jacky Lee, Tranglo Group CEO, emphasized a twofold increase in eWallet transactions since 2021. Notably, specific corridors, like transfers from the GCC region to Pakistan utilizing eWallets, have witnessed a about 400% surge.

Lee further cited the experience of a UAE-based Tranglo partner, an early adopter of the service. Following the introduction of eWallet transfers, their transactions to Indonesia and Pakistan increased eightfold. This rapid growth underscores the immense potential of eWallets in facilitating cross-border payments.

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The Power of Partnership: Tranglo and Ripple

Beyond its eWallet foray, Tranglo leverages Ripple’s ODL product to provide its established “Tranglo Connect” service. This solution empowers businesses to conduct international settlements across more than 80 countries.

Read Also: Major Japanese Financial Institution Adopts XRP for Global Money Transfers

As of May 2023, Tranglo had successfully processed over $1 billion through ODL. There was a 1,729% increase in Tranglo’s cross-border payments using ODL in September 2023. Additionally, in August 2022, Tranglo expanded its service offerings by establishing a new payment corridor in the UAE.

Tranglo’s innovative direct-to-wallet service, coupled with its ongoing collaboration with Ripple, signifies a significant advancement in the realm of cross-border payments. By streamlining transactions and reducing costs, this initiative has the potential to revolutionize financial accessibility for individuals and businesses alike, particularly within the burgeoning Asian eWallet market.

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According to the report, Ripple’s ODL activation comes after the successful test that played in September 2021, in which $48 million was processed in 100 days with 250,000 transactions.

Tranglo tweeted, “We’re thrilled to announce today that we’ve enabled Ripple’s On-Demand Liquidity across all our payment corridors. This comes after a successful pilot ODL deployment last September which saw 250k transactions worth USD48M processed in 100 days.

“ODL leverages XRP to bridge currencies, allowing businesses to perform instant cross-border payments without costly pre-funding.”

ODL leverages #XRP to bridge currencies, allowing businesses to perform instant cross-border payments without costly pre-funding. Sign up for ODL today to free up working capital and grow your business (https://t.co/hvyIIXBtI1)

— Tranglo (@Tranglo) February 28, 2022

Going by the report, Ripple, the US-based cross-border payment firm, acquired 40% of Tranglo in 2021 to scale RippleNet and the ODL service.

Reacting to the new development, Jacky Lee, CEO of Tranglo Group said:

“Our remittance partners want to enter markets as fast as possible at the lowest cost. ODL offers just that: they can start sending payments without locking in funds at different financial intermediaries, which can be costly and time-consuming.

“Remittance businesses that sign up for ODL also gain access to both Tranglo Connect and RippleNet, allowing them to better meet increasingly diverse payment needs.”

The report describes Tranglo as a payment firm that helps financial institutions and businesses pay globally via Tranglo Connect, its cross-border payments solution.

The firm seamlessly integrates payout and partner services. It also unifies the end-to-end payment process with direct API access.

Through its services, companies can reliably and securely make instant payments to over 25 countries across the world.

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