Ripple’s strategic partner Tranglo teams up with UAE’s top remittance service provider

2023-05-29 06:40:20 US Eastern Time

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Tranglo, its investment partner, has revealed a major move, partnering with Al Ansari Exchange. Al Ansari is the largest foreign exchange and remittance company in the United Arab Emirates (UAE).

The UAE-based remittance company has a large customer base (over three million) and completes approximately 130,000 transactions per day. These figures show that the exchange has a significant presence in the market.

Tranglo expands its footprint

The partnership marks a major step forward in Tranglo’s expansion plans in the Middle East. Keep in mind that the United Arab Emirates is the second largest country when it comes to sending money abroad.

Tranglo provides international payment services and operates in different fields, including

Crypto business.

Additionally, the company oversees mobile cash solutions and money transfers.

Tranglo improves its international payment service by using RippleNet – one of Ripple’s extensive payment networks. Ripple (in addition to being Tranglo’s investment partner) holds a significant 40% stake in the company as an investor.

Ali Al Najjar, COO of Al Ansari Exchange, commented on the increase in client demand and the need for innovative technology and best-in-class solutions. He emphasized that Al Ansari can enjoy accelerated growth through Tranglo’s high-end technology and Ripple’s decentralized payment solutions.

At the same time, the alliance between the trading company and Tranglo has also attracted the attention of the industry.

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world. Ripple fans speculate on possible Ripple ODL (On-Demand Liquidity) integration.

Tranglo will use this alliance to strengthen its footprint in the UAE market, ensuring enhanced international payment capabilities and enhanced remittance services.

These collaborations help cross-border remittances enjoy benefits such as extended network coverage and credit facilities. Meanwhile, the Ripple community considers current developments while awaiting potential ODL integration. Additionally, Invezz.com

information

As the SEC case draws to a close, XRP is showing a bullish outlook for the upcoming session.

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Ripple’s strategic partner Tranglo teams up with UAE’s top remittance service provider

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