A blockchain services provider, Ripple witnessed another major jump in the expansion of its ODL services after Tranglo, one of the leading cross-border payment firms in Asia, enabled Ripple’s on-demand liquidity service across its 25 payment corridors.
The recent announcement from Tranglo came after a successful deployment of the pilot ODL in September last year. Within the first 100 days, almost 250,000 transactions with a total value of nearly $48 million were processed.
Ripple acquired a 40% stake in Tranglo last year. With the growing popularity of its ODL service, the blockchain firm established several partnerships with leading global financial companies in 2021. In October last year, Ripple collaborated with Pyypl for the launch of RippleNet’s ODL deployment in the Middle East.
"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,” Jacky Lee, the CEO of Tranglo, commented.
RippleNet
In its latest XRP Markets Report published in January 2022, Ripple termed 2021 as the most successful and lucrative year for RippleNet. According to the company, the overall transaction count on RippleNet increased substantially during the past 12 months.
“With over 20 payout markets for On-Demand Liquidity (ODL), most recently adding the Middle East, RippleNet continues to see more global demand for the product. Most notably, APAC continues to be one of the largest contributors of ODL volume on RippleNet, more than doubling in 2021,” Ripple highlighted.
Founded in 2008, Tranglo is a cross-border payment company in Asia with offices in Kuala Lumpur, Singapore and Jakarta. In August 2021, the company received new approvals from MAS.
