Ripple partner Tranglo announced today that it has signed a contract with EzyRemit, one of Australia’s fastest growing fintech companies, as a new partner. EzyRemit will use Tranglo’s cross-border payment solutions, including XRP-based On-Demand Liquidity (ODL) payment technology. Press release.
“As part of Tranglo’s global move towards Ripple On-Demand Liquidity (ODL), the partnership will also allow EzyRemit to use ODL to maximize working capital and enable fast and cost-effective transactions across key corridors including Indonesia, Philippines, Vietnam, Thailand. , India and Bangladesh,” the announcement reads.
EzyRemit will use the Tranglo platform through an interface to seamlessly route transactions in real time. In addition, the partnership is said to enable EzyRemit to “streamline its operations and create new revenue streams” by offering its customers more options for sending international payments.
Commenting on the partnership, EzyRemit co-founder and CFO Allan Nguyen said: “The strategic partnership between EzyRemit and Tranglo will offer a complete cross-border payment solution for all customers. This partnership combines EzyRemit’s extensive money transfer network with Tranglo’s experience in the global payment infrastructure.”
Therefore, it is not yet entirely clear to what extent EzyRemit will use XRP-based ODL technology. Keep in mind that Tranglo enabled ODL for all of its payment corridors in March 2022 after launching a pilot ODL in September 2021.
At that time Tranglo announced that it will use RippleNet ODL transactions from markets such as Australia, Japan, the Philippines, and Singapore. Notably, Ripple also acquired 40% of Tranglo in 2021 to scale RippleNet and its ODL service.
With EzyRemit, Tranglo and Ripple are getting an ambitious new partner. EzyRemit was one of the finalists for Finnie Awards, AFR Most Innovative Companies and India Fintech Awards in 2022. This year, the company plans to expand its money transfer market to more than 150 countries.
XRP Price Remains Sideways Despite Ripple News
Meanwhile, XRP price is unimpressed by Ripple’s recent new partnerships. At press time, XRP was trading at $0.3729, in the middle of the $0.32 and $0.42 trading range that the price has been in since early November.
For now, XRP is holding support at $0.3729 after the price tested the upper boundary of the sideways channel in the second half of January. Since then, the price of XRP has fallen in line with broader sentiment in the cryptocurrency market.
In this regard, it is important for the bulls to hold the middle support for now, so as not to fall to the bottom of the channel. If this succeeds, a rebound may occur. Then resistance at $0.42 could be back in the spotlight.
Credit : www.newsbtc.com
