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Crypto Firm Ripple to Take 40% Stake in Asia Payments Specialist

Bitcoin Mining at Russian CryptoUniverse Farm
Photographer: Andrey Rudakov/Bloomberg

Crypto firm Ripple Labs Inc. is planning to take a 40% stake in Asian cross-border payments specialist Tranglo.

Ripple said in a statement Tuesday that the tie-up will help meet demand for the use of its affiliated token XRP in transactions. The announcement comes about a week after Brooks Entwistle, a former executive at Goldman Sachs Group Inc. and Uber Technologies Inc., became Ripple’s managing director of Southeast Asia.