Ripple wants to create new payment channels in Southeast Asia
Ripple partner Tranglo cooperates with the OmiPay company. OmiPay wants to use Tranglos payment - a case for XRP?
While Ripple is still arguing with the SEC about whether XRP is a security or not, the FinTech continues to create cases with its partners. The partnership with the payment provider Tranglo was announced at the end of March. Ripple has bought into Tranglo with 40 %. One of the declared goals of the partnership is to expand the payment platforms for Ripple's on-demand liquidity. This is the central use case for the asset XRP. XRP is used here as a bridge currency for cross-currency transfers.
Now the newly minted partner Tranglo has announced a cooperation with the OmiPay. OmiPay wants to access Tranglo's system of local sales and is particularly targeting the Southeast Asian markets.
The press release on the cooperation shows that the companies are primarily concerned with improving the accessibility and affordability of cross-border transfers. Tranglo said it did 55 % of its business last year through payments to Indonesia and the Philippines; and thus in precisely those regions where OmiPay now wants to put itself more strongly.
The fact that neither Ripple nor XRP or the blockchain are represented in the press release suggests that XRP is at least not currently playing a role in the partnership. However, the chances are good that this could change in the foreseeable future. The expansion of ODL payment in Southeast Asia is a component of the partnership between Ripple and Tranglo. It remains to be seen - whether these words will be followed by deeds. It would not be the first time that Ripple bought into a payment provider.
The contents of this article are for informational purposes only and are not investment advice.