- Crypto expert Mekras endorses Tranglo’s low fees powered by XRP, urging it to be the norm for global transactions.
- Tranglo debunks bank remittance cost myths, revealing their users pay less than 0.5% compared to banks’ 12.1% average.
- The Ripple-Tranglo partnership enables $1 billion+ transactions via On-Demand Liquidity, expanding Tranglo’s UAE presence.
Renowned cryptocurrency analyst Panos Mekras has lauded Tranglo’s revolutionary approach to cross-border transactions, endorsing their low fees powered by XRP. Mekras emphasized the significance of Tranglo’s model, urging the cryptocurrency industry to adopt it as the global standard for transactions.
Tranglo, in response to prevailing misconceptions, recently dismantled the belief that banks offer the cheapest method for cross-border remittance. Contrary to this notion, Tranglo cited a March 2023 World Bank report, revealing that online remittances via banks incur an average cost of 12.1% per transaction.
In stark contrast, Tranglo users benefit from a remarkably low average transaction fee of less than 0.5%, making their service exceptionally cost-effective. This revelation gained traction when Mekras, a respected voice in the crypto community, pointed out that Tranglo’s low transaction fee is achievable due to XRP and blockchain technology. He highlighted the importance of embracing this approach across the industry to facilitate seamless global transactions.
This is what $XRP and blockchain technology in general do. This is what the standard should be in remittances and cross-border payments. https://t.co/lhaTimMkfX pic.twitter.com/dvGfPRNg3l
— Panos 🔼{X} (@panosmek) November 2, 2023
The success of Tranglo’s low-cost model is primarily attributed to its partnership with Ripple, a collaboration that commenced in March 2021. Ripple, having acquired a significant stake in Tranglo, enabled the integration of On-Demand Liquidity (ODL) into Tranglo’s payment corridors.
ODL uses XRP as a bridge currency for cross-border settlements, allowing for fast, cost-effective, and efficient transactions. Since the partnership’s inception, Tranglo has processed transactions exceeding $1 billion through Ripple’s ODL solution, enhancing its presence in the United Arab Emirates (UAE). Notably, Tranglo’s collaboration with Al Ansari Exchange, the UAE’s largest outward personal remittance provider, has further strengthened its foothold in the region.
