Bitrabo Editorial
Ripple Labs has recently sold its stake in Tranglo, a Malaysian payment company that utilizes XRP for cross-border transactions. This news was first reported by Crypto Eri, an active member of the XRP community, in a post on X, citing updates from Crunchbase.
Reasons Behind Ripple And Tranglo Parting Ways
Recent information from Crunchbase indicates that Ripple has divested from investments in Bitstamp and Tranglo. While the exit from Bitstamp seems linked to its acquisition by Robinhood, the decision to leave Tranglo has taken many by surprise.
Tranglo played a vital role in Ripple’s strategy to improve global financial transactions using XRP through the On-Demand Liquidity (ODL) service. Ripple’s significant 40% stake in Tranglo demonstrated a strong commitment to integrating XRP into international payment networks.
Following this unexpected move, doubts have emerged within the XRP community. Questions were raised about the accuracy of Crunchbase’s information, with concerns over Tranglo being listed as a private company and the lack of other sources confirming the news.
Further investigation revealed that Seamless Group Inc., the owner of Tranglo, had been attempting to go public through a SPAC (Infint Corp) since 2022 but faced delays. A partnership between Tranglo and Ripple was announced in 2021, with plans for Tranglo to merge with InFinT Acquisition Corporation for a public listing. While the status of this transaction remains uncertain, it could explain Ripple’s decision to divest from Tranglo.
The reactions within the XRP community vary, with some expressing disappointment in Ripple’s move, while others see potential financial benefits for the crypto company that could lead to further growth and usage of XRP.
As of now, the price of XRP stands at $0.54576.