Cryptocurrency company Ripple has acquired a large stake in an Asia-based cross-border payments specialist to meet growing customer demand.
Ripple said Tuesday it has agreed to acquire a 40% stake in Tranglo for the purpose of expanding its RippleNet On-Demand Liquidity service, according to a press release. Tranglo is a cross-border money and prepaid credit transaction hub providing businesses and individuals the ability to transfer payments globally, according to its website.
Southeast Asia’s payments landscape is “highly fragmented,” Ripple said in the release. Each country possesses its own form of payments infrastructure but the region lacks a standard integration for regional cross-border payments.
Ripple said its investment in Tranglo is a part of its commitment to enhancing the payments ecosystem in Southeast Asia, according to the release.
“By partnering closely with Ripple and introducing On-Demand Liquidity to new markets, we aim … to provide accessible and equitable financial services to the masses,” said Tranglo’s CEO Jacky Lee in a statement.
The move into Southeast Asia coincides with Ripple’s new hire: on March 19, former Goldman Sachs executive Brooks Entwistle joined the firm as managing director of Southeast Asia. Entwistle is expected to lead and scale the company’s operations in the region.