One of the biggest Ripple fintech decacorn partners in APAC, Tranglo, presents the data for its services from 2021 to 2023. In the face of governmental antagonism and uncertain market success, all important measures are skyrocketing.
Tranglo increased Ripple’s ODL usage by over 1,700% in 2022
The use of “On-Demand Liquidity” by Tranglo and its partners increased in 2022: the net ODL transaction volume rose from $53 million in 2021 to $970 million in 2022. The Edge, a Singaporean financial media source, reported this information in a longread on Tranglo.
https://x.com/Tranglo/status/1703618444485398841?s=20
With this advancement, the business was able to take on the difficulties faced by small and medium-sized businesses in the area and overseas. According to its CEO Jacky Lee, this innovation opened up fresh cash flow possibilities for several SMEs in a range of industries:
For instance, one of the major difficulties SMEs encounter when rapidly expanding is financial flow. We collaborate with Ripple, the top supplier of corporate blockchain and cryptocurrency solutions, to provide credit facilities through its On-Demand Liquidity (ODL) service in order to address this issue. This aids the expansion and working capital freeing of our partners.
The corporation conducted transactions totaling over $3.3 billion in 2022; for the first half of 2022, this amount topped $2 billion in equivalent. Its 80 percent real-time, zero-latency transactions were completed.
Additionally, the servers’ uptime of over 99.9% allowed the service to achieve previously unheard-of user experience metrics.
As previously reported by U.Today, Ripple sensationally “rebranded” its ODL offerings. Recently, the company’s website deleted any references to ODL. Ripple Payments, a more “mainstream” word, will be used instead by the company.
Sustainable growth despite bearish recession
Additionally, since 2018, the team’s headcount in five nations expanded by 40%, from 140 to 260. By strategically expanding into three additional nations in September 2023, Tranglo made news.
Tranglo pioneered XRP remittance services to bank accounts in the Philippines, Vietnam, and Indonesia, three sizable ASEAN nations, in collaboration with SBI Remit Co., Ltd.
Tranglo also helps with transactions between the U.K., Australia, and South Korea, focusing on the requirements of the steadily expanding Malaysian diaspora in these nations.
Tranglo also developed a foothold in the UAE, one of the most significant financial centres in the world, through its partnership with Lulu Money.
