Cryptocurrency

Ripple continues overseas expansion with Tranglo to UAE

Crypto giant Ripple partnered with global payment companies Tranglo To expand Ripple’s On-Demand-Liquidity (ODL) solution to the United Arab Emirates (UAE), days after shaking hands with Bank Travelex in Latin America and doing the same for Brazil.

The official Tranglo Twitter account posted the following to announce the new initiative: Tweet August 24, 2022. The UAE is her second largest economy in the Arab Gulf region and hosts the world’s largest senders and receivers. Ripple hopes to handle the region’s high volume of cross-border payment traffic by rolling out her ODL solution to the UAE with the help of Tranglo.

Ripple’s ODL

ripples ODL We offer one of the cheapest and fastest cross-border payment solutions. ODL utilizes XRP to allow users to transfer funds around the world. Accessible 365/24/7 and no pre-funding required from the receiving market. ODL also allows users to reverse payments for up to 5 days free of charge. Extended repayments are available for a fee.

On August 19, five days before the Tranglo deal, Ripple signed a new deal with mobile-first Latin American Bank Travelex to do the same in Brazil. According to the partnership, Travelex will utilize his Ripple’s ODL solution to enable instant cross-border payments in Brazil at very low cost.

In July, Ripple launched another company partnership We have partnered with FOMO Pay, an important payment institution in Singapore. Similar to Tranglo and Travelex, FOMO Pay will implement Ripple’s ODL solution to provide affordable and instant cross-border payment solutions for local payment service providers and SMEs.

Ripples during expansion

Ripple is bullish on expansion beyond the end of 2021, and the coldest winter to date has not deterred Ripple’s efforts. In addition to spreading the ODL protocol across the ocean, Ripple has signed various other deals and is considering acquiring other companies.

In November 2021, Ripple took its first step across borders by deciding to help the Republic of Palau build a digital currency. Palau said it is aiming to issue its first government-backed US dollar. The country will leverage Ripple’s technology without adopting XRP.

In July 2022, Colombia’s National Land Authority announced that it would adopt Ripple’s XRPL blockchain to digitize its land registry system. The new infrastructure has the capability to enable the registration of over 100,000 contracts, solving the country’s problem of slow land registration.

Ripple also opened a new location in Toronto in June 2022. The new office is designed to be a technology hub that can drive innovation in the cryptosphere. At launch, Ripple said the hub would employ his 50 developers and expand over the next few years.

Early in the winter market, Ripple CEO Brad Garlinghouse revealed that Ripple may be interested in acquiring new companies. A month later, on Aug. 10, a company spokesperson confirmed that Ripple had taken an interest in cryptocurrency lender Celsius to see if it could be related to Ripple’s business. said. Celsius is one of the companies that filed for bankruptcy on July 14, unable to withstand the winter market.

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