Ripple partner Tranglo has been making rapid strides in the Middle East. On Monday, May 29, the firm announced its partnership with Al Ansari Exchange, a subsidiary of Al Ansari Financial Services PJSC, the biggest money services provider in UAE. The company has over 230 branches and caters to 3 million customers and processes over 130,000 transactions daily.
This collaboration is a part of Tranglo’s Middle East expansion program. It is intended to boost the company’s presence in the UAE—the second-largest market for outbound remittances globally.
Priorly, the Ripple partner tied up with Lulu Money in an attempt to benefit individuals and businesses seeking “efficient, fast, and secure fund transfers.” The partnership intended to further lower the time it takes to send funds using real-time infrastructure.
According to the official statement, remittances from the UAE recorded double-digit growth in 2022. In fact, they are forecasted to increase steadily this year. More so, because 66% of the Gulf country residents are sending more money back to support their families to cope with post-pandemic rising expenses.
Tranglo Group CEO, Jacky Lee, welcomed Al Ansari on board and affirmed that the tip-up will help supercharge growth via its technology, infrastructure, and Ripple’s decentralized payment solution. He added,
“I am confident that the partnership will improve the cross-border payment experience in the UAE and, by extension, the GCC region.”
Al Ansari Exchange’s Chief Operating Officer, Ali Al Najjar also expressed confidence. He underlined that this latest development has the potential to transform the cross-border remittance landscape in the UAE.
Is Ripple IPO on the cards?
Over the weekend, Garlinghouse liked a tweet where Wall Street’s Nasdaq congratulated Ripple’s acquisition of Metaco, a digital asset custody firm.
👀🚨👀🚨👀🚨👀🚨👀🚨👀🚨 Proper Party Time. pic.twitter.com/1rw1DgrCKT— Digital Asset Investor (@digitalassetbuy) May 28, 2023
For context, Ripple invested around $250 million in mid-May from its balance sheet to complete the acquisition. Ripple CEO, Brad Garlinghouse affirmed that this is one of the largest deals that has taken place this year. With this acquisition, the company aims to expand its international presence and widen its service range. Garlinghouse’s like has ignited speculations pertaining to Ripple’s listing. For instance, a particular community member tweeted:
Why would Nasdaq do this. Nasdaq is planning on launching crypto custody by mid year or Q3. Metaco provides custody solutions. Ripple will IPO when the SEC case ends. Connect the dots 😎 pic.twitter.com/uHLnBtWmbr— Rene David (@Jedi421) May 28, 2023
Several others from the space were quick to point out how it’s “wild” of Nasdaq to congratulate a private company on an acquisition. A user, questioned, “Think they know there’s a new listing coming soon?”
Well, it is a known fact that Ripple intends to go public one day. However, with its lawsuit against the SEC still going on, there’s no surety about the timeline.
Also, Read: Ripple Witnessed 4 Wins This Week: XRP Turns Bullish