Tranglo Expands Footprint in Europe with Instant SEPA, Collaborating with Inpay for Seamless Cross-Border Payments
Tranglo, a prominent partner of Ripple and a leading global payment service provider (PSP), has strategically expanded its operations into the European market. Through a collaboration with the European fintech company Inpay, Tranglo has introduced Instant SEPA, a cutting-edge payment solution designed to facilitate instant payout services across Europe.
This partnership represents a significant milestone for Tranglo’s global expansion, particularly in Europe and Asia. The initial rollout of Instant SEPA in 12 key SEPA countries is expected to pave the way for Tranglo’s market penetration in an additional 24 European countries, further strengthening the company’s growth trajectory.
Leveraging Inpay’s Regulatory Expertise and Risk Management Capabilities
Tranglo’s collaboration with Inpay has been instrumental in enabling this expansion. Inpay’s proficiency in regulatory compliance, as overseen by the Danish FSA, and its expertise in risk management have played a pivotal role in supporting Tranglo’s efforts to expand its cross-border payment services.
Through this partnership, Tranglo can now offer multi-currency, cross-border payments within SEPA countries at a reduced cost and with significantly shorter transaction times compared to traditional methods. Customers can now enjoy transparent fees and reliable transfer times, thanks to Inpay’s efficient processing and extensive network.
Jacky Lee, CEO of Tranglo Group, highlighted the alignment of goals and robust risk management as key factors in selecting Inpay as a strategic partner, praising their adeptness in managing complex payment flows and regulatory requirements effectively.
Strengthening Ripple’s On-Demand Liquidity (ODL) Service
Tranglo has been a crucial component of Ripple’s ODL service since 2022, enabling immediate and affordable cross-border payments over 25 payment corridors without the need for pre-funding. This partnership comes after the successful trial program of Ripple’s ODL service, which handled transactions totaling USD 48 million during its early phases.
In 2021, Ripple acquired a 40% stake in Tranglo to expand the functionality and market share of RippleNet and its ODL service. This strategic partnership has enabled Tranglo to enhance its payout services, increase its global reach, and provide payment and remittance options over a vast network.
XRP Price Dynamics and Derivatives Surge
One of the most popular cryptocurrencies, XRP from Ripple, has seen a significant decline following its year-to-date peak of $0.7440. Despite this correction, XRP has provided its investors with weekly returns of around 17%. With a Relative Strength Index (RSI) rating of 59 and current trading above the 20-day Exponential Moving Average (EMA), XRP looks poised for potential higher growth, despite possible profit-taking actions.
Interestingly, data compiled from CoinGlass reveals a substantial uptick in derivatives turnover related to XRP, soaring to $8.75 billion on the cryptocurrency market. This surge isn’t limited to derivatives and XRP futures, as the spot market also experiences growth. XRP has recorded a robust trading volume of $7.66 billion, ranking it sixth among the top 100 cryptocurrencies for spot trading volume.