The use of Ripple’s crypto, XRP, by one of its partner payment companies, Tranglo, is triggering a controversy in the community.
The debate sparked when Bill Morgan, a lawyer who supported XRP, confirmed that Tranglo used XRPs in cross-border payment services through Ripple’s On-Demand Liquidity (ODL) platform.
Morgan’s Confirmation
The controversial background of the debate was heated after a reference to the 2018 Financial Times report stated that no bank used XRP at the time. This debate was highlighted when Bill Morgan, a pro-XRP lawyer, came into the discussion.
Morgan confirmed that Tranglo used XRP in the Ripple ODL platform for cross-border payments to its customers, with a network involving 5,000 banks.
Skepticism and Challenges However, users are beginning to feel sceptical, which question the validity of Morgan’s claims. One user highlighted the absence of confirmation of the use of XRP by Tranglo.
In response, Morgan quoted diagrams illustrating Ripple’s involvement in ODL transactions as potential evidence that Tranglo was using the crypto. In addition, he asked to consider the broader context of the company’s operations within the Ripple ecosystem.
Source: Bill Morgan on X
The debate was intense when one of the users referred to a 2022 SEC filing by Tranglo’s parent company, which did not explicitly confirm the use of XRP. He asserted that none of the banks associated with Tranglo used XRPs. However, Morgan rejected this evidence as unconclusive, stating;
“YOU DO NOT PROVE THAT NO BANK IN THE NETWORK IS NOT INVOLVED IN ODL.”
Furthermore, Morgan stressed that the SEC filing had nothing to do with the debate. He noted that the piece of information contained “some information from submissions to U.S. regulators about the disclosure of risks that might arise to the part of his business if there were regulatory changes.”
This implies that users failed to prove that no bank in the Tranglo network has used XRP for ODL transactions.
On the other hand, Morgan said in a tweet that he believes the price of XRP will shoot to $2 in April or May.
Tranglo Expansion in Europe
Meanwhile, Tranglo has expanded its operations in Europe. Inpay collaborates with Tranglo to support Tranglo’s presence in Europe through the provision of Instant Single Euro Payments Area (SEPA).
This partnership is expected to increase transfer speed and cost reduction, align global payments with local bank transfer efficiency.