Ripple’s Tranglo Partnership Sparks Debate Over XRP Use in Cross-Border Payments

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Ripple’s partnership with Tranglo has ignited a heated debate over the bank’s utilization of XRP in cross-border transactions. The debate got more intense after Bill Morgan, a big XRP supporter, defended Tranglo’s usage of XRP, claiming it is part of Ripple’s On-Demand Liquidity (ODL) platform.

Controversy Over Tranglo’s XRP Usage 

The controversy began with a reference to a 2018 Financial Times report, claiming that no banks were utilizing XRP at the time. Meanwhile, Bill Morgan came forward to counter this claim, affirming that Tranglo employs XRP within Ripple’s ODL platform for facilitating cross-border payments. 

Morgan points out Tranglo’s extensive network of 5,000 banks as evidence of XRP’s integration into their operations.

However, skepticism arose among some community members regarding the accuracy of Morgan’s claims about Tranglo using XRP. Meanwhile critics further mentioned that Ripple’s ODL system doesn’t always need XRP for transactions.

Despite the debate, Morgan defended Tranglo’s position, citing diagrams illustrating Ripple’s involvement in ODL transactions as potential evidence of XRP utilization.

SEC Filing Raises Doubts

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 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.