Tranglo Ventures into Europe with Instant SEPA, Enabling Swift Payments Across the Continent through Collaboration with Inpay
Tranglo, a prominent partner of Ripple and a global payment service provider (PSP), has taken a significant step in its expansion strategy by entering the European market. Through the recent adoption of Instant SEPA and its partnership with European fintech company Inpay, Tranglo is poised to revolutionize cross-border payments in Europe. This collaboration marks a major milestone for Tranglo’s global presence, particularly in Europe and Asia.
The partnership between Tranglo and Inpay has paved the way for the introduction of Instant SEPA, an innovative payment solution designed to facilitate immediate payout services throughout Europe. Initially launched in 12 key SEPA countries, this collaboration aims to expand Tranglo’s market share to an additional 24 European countries, signifying significant progress in the company’s growth plan.
Inpay’s stringent regulatory compliance oversight by the Danish FSA and its expertise in risk management have played a crucial role in supporting Tranglo’s expansion efforts. Through its partnership with Inpay, Tranglo can offer multi-currency, cross-border payments within SEPA countries at a lower cost and with significantly faster transaction times compared to traditional methods.
Customers can now benefit from 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 partner, commending their ability to effectively manage complex payment flows and regulatory requirements.
Tranglo has been an integral part of Ripple’s on-demand liquidity (ODL) service since 2022, enabling instant and cost-effective cross-border payments across 25 payment corridors without the need for pre-funding. This partnership follows the successful trial program of the ODL service, which facilitated transactions totaling USD 48 million during its initial phases.
With the acquisition of a 40% stake in Tranglo by Ripple in 2021, utilizing the digital token XRP, Ripple aimed to expand the functionality and market share of RippleNet and its ODL service. Through this strategic partnership, Tranglo has been able to enhance its payout services, expand its global presence, and offer payment and remittance options across a vast network.
Correction in Ripple’s (XRP) Price Following Yearly High
XRP, one of the most popular cryptocurrencies from Ripple, experienced a significant decline after reaching its yearly peak of $0.7440. Nonetheless, XRP delivered weekly returns of approximately 17% to its investors. With a Relative Strength Index (RSI) rating of 59 and current trading above the 20-day Exponential Moving Average (EMA), XRP appears poised for potential further growth despite potential profit-taking actions.
Data compiled from CoinGlass reveals a notable increase in derivatives turnover associated with XRP, soaring to $8.75 billion in the cryptocurrency market. This surge is not limited to derivatives and XRP futures alone, as the spot market also witnesses growth. XRP has recorded a robust trading volume of $7.66 billion, placing it sixth among the top 100 cryptocurrencies in terms of spot trading volume.