HomeNewsRipple's Explosive Growth: XRP Partner Surges with 20x Increase in Cross-Border Payments

Ripple’s Explosive Growth: XRP Partner Surges with 20x Increase in Cross-Border Payments

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  • Tranglo’s use of Ripple’s ODL soared by 1,700%, from $53 million in 2021 to $970 million in 2022.
  • The company processed a staggering $3.3 billion in transfers in 2022 with 80% of transactions in real-time.

Tranglo’s Astounding Growth Amid Market Uncertainties

In an era where the crypto market has witnessed unexpected turns and regulatory challenges, Malaysia-based Tranglo has emerged as a beacon of consistent growth. Teaming up with Ripple, the globally recognized fintech giant, Tranglo has reported an unprecedented rise in its services from 2021 to 2023, defying market volatility.

A Deep Dive into Tranglo’s 1,700% ODL Surge

Last year, the partnership between Tranglo and Ripple witnessed a robust enhancement in their “On-Demand Liquidity” (ODL) usage. The net ODL transaction volume experienced a dramatic jump, from a modest $53 million in 2021 to a whopping $970 million by the close of 2022. This groundbreaking information was unveiled by the respected Singapore-based financial news source, The Edge.

Such an enhancement in ODL operations by Tranglo not only marks a significant milestone in blockchain’s growing acceptance but also signals an era of new opportunities, especially for small to medium-sized enterprises (SMEs). Jacky Lee, Tranglo’s CEO, elucidated how this rapid adoption has created a ripple effect (pun intended) across various business sectors. SMEs often grapple with cash flow issues during aggressive expansion phases. By joining hands with Ripple, Tranglo has enabled these businesses to tap into the ODL service, which, in turn, amplifies their working capital, offering a solid platform for growth.

With the clock ticking on 2022, Tranglo’s numbers continued to impress. The company recorded transactions surpassing $3.3 billion. An astounding 80% of these were completed in real-time, eliminating any latency and ensuring fluid user experience. Such efficiency isn’t just about numbers. The company’s servers flaunted a remarkable 99.9% uptime, setting new standards in customer experience metrics.

However, it wasn’t just about maintaining stellar performance. Ripple, always ahead of the curve, decided to give its ODL services a fresh identity. Moving away from the ODL terminology, Ripple now gravitates towards the more approachable term, “Ripple Payments.”

Expanding Horizons: Tranglo’s Global Footprint

Beyond the achievements of 2022, Tranglo continued its expansion spree. September 2023 saw Tranglo marking its presence in three more countries. Collaborating with SBI Remit Co., Ltd., the company enhanced XRP remittance services, encompassing bank accounts in prominent ASEAN nations like the Philippines, Vietnam, and Indonesia. Moreover, focusing on the burgeoning Malaysian diaspora, Tranglo has facilitated seamless transactions between nations like the U.K., Australia, and South Korea. With a strategic alliance with Lulu Money, Tranglo has also made its mark in the UAE, one of the globe’s foremost fintech hubs.

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AnnJoy Makena
AnnJoy Makenahttps://www.ethnews.com
Annjoy Makena is an accomplished and passionate writer who specializes in the fascinating world of cryptocurrencies. With a profound understanding of blockchain technology and its implications, she is dedicated to demystifying complex concepts and delivering valuable insights to her readers. Business Email: info@ethnews.com Phone: +49 160 92211628