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Monday, March 4, 2024

Ripple Partner Tranglo Partners with UAE’s Largest Forex Trading Platform


Ripple’s strategic partner Tranglo has Announce Significant partnership with Al Ansari Exchange, the largest personal remittance and foreign exchange company in the United Arab Emirates (UAE). The partnership marks a major milestone in Tranglo’s Middle East expansion plans and could impact Ripple’s ODL service.

Tranglo x Al Ansari Exchange

Known for its multicultural environment and expatriate-friendly laws, the UAE saw an impressive $47.54 billion in outward remittances in 2021, according to the World Bank. Al Ansari Exchange dominates the UAE remittance market.

Tranglo Group CEO Jacky Lee expressed his enthusiasm for the collaboration, saying:

“I am delighted to be working with Al Ansari. I am confident that this partnership will improve the cross-border payment experience in the UAE and the GCC region.

Ali Al Najjar, Chief Operating Officer of Al Ansari Exchange, highlighted the growing demands of customers and the need for cutting-edge technology and innovative solutions.

The collaboration between Tranglo and Al Ansari Exchange has attracted attention Industry experts and Ripple enthusiasts, sparked discussions about the possible future integration of Ripple’s On-Demand Liquidity (ODL) solution in their partnership.

Impact on Ripple ODL

Al Ansari Exchange adopts Tranglo Connect for cross-border payments, paving the way for further utilization of Ripple’s ODL technology, First launched in Japan.

Kahneman’s rage has drawn attention to a previous deal in which Al Ansari partnered with Ripple to connect MoneyMatch.

Ripple Acquires 40% of Tranglo 2021 enabled the company to meet the growing demand in the Asia-Pacific region and expand its ODL services, enabling Tranglo to process over US$1 billion in ODL transactions.

Read more about Tranglo’s story..

This cross-border remittance partnership gains advantages such as credit facilities and expanded network coverage. The Ripple community eagerly awaits updates on how this partnership will unfold and whether ODL will follow suit.

CoinGape is comprised of a team of experienced home-grown content writers and editors who work 24/7 to cover global news and present it as fact rather than opinion. CoinGape writers and reporters contributed to this article.

The presented content may include the personal opinion of the author and is subject to market conditions. Do market research before investing in cryptocurrencies. Neither the author nor the publication accept any responsibility for your personal financial loss.


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