Is XRP Used in Cross-Border Payments? Debate Erupts Over Tranglo Partnership
Mustafa Mulla14 Mar 20242 min read
Ripple’s recent collaboration with Tranglo has set tongues wagging, igniting a passionate discussion about the role of XRP in cross-border transactions. The controversy gained momentum when Bill Morgan, a staunch advocate for XRP, stepped in to defend Tranglo’s use of the digital asset within Ripple’s On-Demand Liquidity (ODL) platform.
Delving into the Debate: Morgan’s Defense
The saga began with a nod to a 2018 Financial Times report, suggesting a lack of XRP adoption by banks. However, Morgan swiftly countered this narrative, asserting that Tranglo indeed harnesses XRP’s power within Ripple’s ODL platform to facilitate cross-border payments.
Pointing to Tranglo’s vast network of 5,000 banks, Morgan painted a picture of XRP’s seamless integration into their operational framework.
Ripple’s ODL Without XRP?
Despite Morgan’s claims, skeptics emerged, questioning the accuracy of Tranglo’s purported use of XRP. Critics pointed out that Ripple’s ODL system doesn’t invariably rely on XRP for transactions, casting doubt on the necessity of the digital asset in Tranglo’s operations.
Also Read: Is Ripple Dumping XRP for Bitcoin? Shocking Allegations Revealed!
Seeking Clarity
The discussion took a turn when a user mentioned a 2022 SEC filing by Tranglo’s parent company that didn’t mention XRP. This made people wonder how much XRP was used by Tranglo.
But Morgan didn’t think this was enough proof, saying we need clearer evidence to show if XRP is missing from Tranglo’s transactions.
Tranglo’s Strategic European Expansion
Amidst the heated debate, Tranglo expanded its footprint in Europe through a strategic collaboration with Inpay. The partnership aims to bolster Tranglo’s European presence by leveraging the Instant Single Euro Payments Area (SEPA), facilitating seamless cross-border transactions.
With an initial focus on 12 SEPA countries, Tranglo anticipates broader expansion across 24 additional European regions. This ambitious endeavor underscores Inpay’s global expansion strategy for 2024, with a particular emphasis on penetrating the Asian market.
The ongoing debate highlights the complexities surrounding XRP’s adoption and Ripple’s partnership dynamics, fueling speculation within the cryptocurrency community.
