Tranglo, a prominent cross-border payment hub and Ripple partner revealed a groundbreaking advancement on April 8th that is poised to transform the remittance industry. Their newest innovation, known as the direct-to-wallet solution, guarantees swift and secure transfers to more than 30 eWallets spanning multiple Asian countries. This announcement marks a significant expansion of Tranglo’s network and signals the dawn of a fresh era in remittance services.
The primary advantage of this novel solution lies in its ability to bypass intermediaries, resulting in quicker and more accessible transactions. Tranglo emphasizes the profound impact this will have on millions residing in rural areas who lack access to traditional banking services. With eWallets operating round the clock, this innovative method offers a dependable and user-friendly alternative.
According to Tranglo CEO Jacky Lee, there has been a significant uptick in cross-border eWallet transactions, doubling since 2021. This surge has propelled eWallet payouts beyond conventional bank channels, with some corridors experiencing an astonishing 400% increase in activity.
Tranglo’s solution is currently available in Bangladesh, Cambodia, China, Indonesia, Nepal, Pakistan, the Philippines, and Vietnam, with promising results already emerging. Notably, their largest partner in the UAE reported an eight-fold surge in transactions to Pakistan and Indonesia utilizing the eWallet service.
Tranglo’s collaboration with Ripple, particularly on initiatives such as on-demand liquidity (ODL), underscores their commitment to enhancing cross-border payments. This latest advancement has garnered acclaim from XRP lawyer Bill Morgan, who commends the innovative approach of the direct-to-wallet solution.
The news has reverberated in the XRP market, with a 1.89% increase in price over the past 24 hours and an astounding 90.83% surge in trading volume marking the increased interest of traders and investors.
Amidst the recent surge in the overall crypto market, XRP futures open interest surged by 6.70% to $952.55 million within the past 24 hours. This figure is approaching the necessary threshold for a rally. Nonetheless, the unveiling of Tranglo’s direct-to-wallet solution represents a pivotal moment in the evolution of cross-border payments, offering a glimpse into the future of remittance services.
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