Ripple partner Tranglo announced today that it has signed EzyRemit, one of Australia’s fastest growing fintech companies, as a new partner. EzyRemit will use Tranglo’s cross-border payment solutions, including the XRP-based On-Demand Liquidity (ODL) payment technology, according to a press release.
“As part of Tranglo’s global push for Ripple’s On-Demand Liquidity (ODL), the partnership will also allow EzyRemit to leverage ODL to maximize working capital and deliver quick and cost-effective transactions across key corridors, including Indonesia, Philippines, Vietnam, Thailand, India and Bangladesh,” the announcement reads.
EzyRemit will leverage the Tranglo platform through an interface to seamlessly route transactions in real-time. In addition, the partnership is said to allow EzyRemit to “streamline its operations and create new revenue streams” by offering its customers more options to send international payments.
Commenting on the partnership, EzyRemit co-founder and CFO Allan Nguyen said, “The strategic partnership between EzyRemit and Tranglo will offer a comprehensive cross-border payment solution for all customers. This partnership combines EzyRemit’s extensive remittance network and Tranglo’s expertise in global payment infrastructure.”
To what extent EzyRemit will use XRP-based ODL technology is therefore not entirely clear yet. One thing to keep in mind is that Tranglo enabled ODL for all of its payment corridors in March 2022, after launching an ODL pilot in September 2021.
At that time, Tranglo announced that it would use ODL transactions through RippleNet from markets such as Australia, Japan, the Philippines, and Singapore. Noteworthy, Ripple also acquired 40% of Tranglo in 2021 to scale RippleNet and its ODL service.
With EzyRemit, Tranglo and Ripple gain an ambitious new partner. EzyRemit was one of the finalists in the Finnie Awards, AFR Most Innovative Companies and India Fintech Awards in 2022. This year, the company plans to expand its remittance market to more than 150 countries.
XRP Price Stays In Sideways Trend Despite Ripple News
Meanwhile, the XRP price is unimpressed by the recent new partnerships of Ripple. At press time, XRP traded at $0.3729, sitting in the middle of the $0.32 and $0.42 trading range in which the price has been since early November.
At the moment, XRP is holding support at the $0.3729 level after the price tested the upper edge of the sideways channel in the second half of January. Since then, the XRP price has fallen in line with the broader sentiment on the crypto market.
In this respect, it is important for the bulls to hold the mid-range support for the time being in order not to fall towards the bottom of the channel. Should this succeed, a bounce could be in play. Then, the resistance at $0.42 could come into focus again.
Featured image from Kanchanara / Unsplash, Chart from TradingView.com