Ripple has made a surprising move by selling its 40% stake in Tranglo, a Malaysian payment firm known for using XRP for international transactions. This development has sparked a debate within the XRP community.
Crypto Eri highlighted Ripple’s exit from both Bitstamp and Tranglo on Crunchbase. While the Bitstamp exit was due to its acquisition by Robinhood, the reasons for the Tranglo exit are unclear. Tranglo played a significant role in facilitating cross-border payments using XRP.
The XRP community has had mixed reactions to this news. Some have criticized Eri’s post, suggesting it was meant to cause discord. However, others point out that Crunchbase’s “exits” typically refer to public listings, which does not apply to Tranglo as it is a private entity.
Tranglo is owned by Seamless Group Inc., which is working towards a public listing through a SPAC named INFINT Corp. Cowen, a partner of Polysign, has also sold its stake in INFINT Corp, adding to the uncertainty surrounding Ripple’s exit from Tranglo.
Ripple’s acquisition of a stake in Tranglo in 2021 was part of its strategy to expand RippleNet and its ODL service, now known as Ripple Payments. This partnership led to a significant increase in transaction volumes, with Tranglo processing $970 million through Ripple’s ODL service in 2022.
Ripple has not provided an official statement on its exit from Tranglo, leaving the crypto community to speculate on the implications for the partnership and Ripple’s strategy. This move highlights the evolving nature of cryptocurrency partnerships and investments, signaling ongoing changes and challenges in the industry.
Investors and observers will need to stay updated on any new information from Ripple and developments regarding Tranglo’s future. The sale of its Tranglo stake reflects the dynamic nature of the crypto industry, prompting discussions on Ripple’s strategy and XRP’s role in cross-border payments. Share your thoughts on Ripple’s move and stay tuned for further updates.