Ripple Sells Shares in Tranglo, Its Former XRP Partner

Ripple Sells Shares in Tranglo, Its Former XRP Partner

Ripple Labs Sells Shares in Service Provider Tranglo According to a tweet by CryptoEri, a blockchain analyst and crypto Youtuber cited by Bitcoinist, Ripple Labs has sold its stake in Tranglo, a Malaysian remittance service and former Ripple (XRP) partner. Ripple held a 40% stake in the company. The details of the sale are not known. Ripple's sale of its Tranglo shares is a notable development, as Tranglo was one of the company's key partners in the remittance space. In 2020, Ripple announced that Tranglo would be using its On-Demand Liquidity (ODL) platform to facilitate cross-border payments. ODL utilizes XRP to provide faster and cheaper settlement times. While the reasons for Ripple's sale of its Tranglo shares are unclear, it is possible that the company is looking to focus on other areas of its business. Ripple has been expanding its presence in the enterprise blockchain space, and it may be looking to allocate more resources to that area. The sale of Ripple's Tranglo shares is a reminder that the cryptocurrency industry is constantly evolving. Companies that were once closely aligned can later decide to go their separate ways. It will be interesting to see how Ripple and Tranglo continue to develop in the future.