The financial company Tranglo has decided to enhance its services by working side by side with Ripple. Tranglo is a Southeast Asian company that decided to start implementing working with the RippleNet back in November 2019. The company is currently operating in a large number of countries and this integration will be a key implementation that would help it improve its solutions.
Tranglo Works With RippleNet
Ripple continues with its expansion in the Asian market with a new partner that is working with the Ripple network and it’s called Tranglo. This firm is now offering services in 18 countries such as China, India, Japan, Singapore and the Philippines, among others.
According to a recent report, the company will be handling transfers’ requests from users from Alipay.
Estee Lay, Tranglo’s project manager commented about this new partnership:
“Tranglo expects the collaboration to especially benefit migrant workers around the world, particularly in Asia, where the cross-border payment hub has a foothold in the remittance market through local partners.”
Moreover, the partnership will be very useful for workers that are sending their funds back to their families and friends. Ripple has created a network of partners that enables individuals to reduce the fees they pay while sending payments.
It is worth mentioning that Tranglo didn’t mention about adding XRP as an asset to perform and conduct the transactions. With the XRP digital asset it is possible to reduce transaction times and fees even further. This is due to the fact that XRP works as a virtual currency to provide liquidity to fiat corridors.
Banks and financial institutions do not have to handle the whole transfer between one of the currencies to the other. They purchase the XRP digital asset with local currency and sell it in the other country after making a transaction. The client will be able to receive the local currency in his bank account after processing the XRP transfer.
At the time of writing this article, XRP is the third largest cryptocurrency in the market. Each XRP can be purchased for $0.234 and it has a valuation of over $10.24 billion.