Controversy Arises Regarding XRP’s Utilization in International Transactions Due to Ripple’s Collaboration with Tranglo
Tranglo’s utilization of XRP in cross-border transactions, as part of its partnership with Ripple, has sparked a contentious debate. Bill Morgan, a prominent supporter of XRP, has come to Tranglo’s defense, asserting that the integration of XRP is integral to Ripple’s On-Demand Liquidity (ODL) platform.
The controversy began when a 2018 Financial Times report claimed that no banks were using XRP at the time. However, Morgan refuted this claim by stating that Tranglo incorporates XRP into its cross-border payment services within the Ripple ODL platform. He pointed to Tranglo’s extensive network of 5,000 banks as evidence of XRP’s integration.
Nevertheless, some community members expressed skepticism about Morgan’s claims and questioned Tranglo’s actual usage of XRP. Critics also noted that Ripple’s ODL system does not always require XRP for transactions. Despite the debate, Morgan stood by Tranglo’s position and presented diagrams illustrating Ripple’s involvement in ODL transactions as potential evidence of XRP utilization.
The discussion took a turn when a user mentioned a 2022 SEC filing by Tranglo’s parent company that did not mention XRP. This raised doubts about the extent to which Tranglo uses XRP. Morgan, however, believed that clearer evidence is needed to determine if XRP is indeed absent from Tranglo’s transactions.
Amidst the heated debate, Tranglo expanded its presence in Europe through a strategic collaboration with Inpay. This partnership aims to strengthen Tranglo’s European footprint by leveraging the Instant Single Euro Payments Area (SEPA) to facilitate seamless cross-border transactions. Initially, the focus will be on 12 SEPA countries, with plans for further expansion across an additional 24 European regions. This ambitious endeavor aligns with Inpay’s global expansion strategy for 2024, with a particular emphasis on penetrating the Asian market.
The ongoing debate highlights the complexities surrounding the adoption of XRP and the dynamics of Ripple’s partnerships, leading to speculation within the cryptocurrency community.