Ripple's share of #MoneyGram last year excited the XRP army. The company acquired 10% of MoneyGram's stock after making a staggering $ 50 million investment. In exchange for MoneyGram, it uses Ripple's XRP-based payment technology for its international transactions. Now, #Brad #Garlinghouse, CEO of Ripple, the company behind the XRP cryptocurrency, has hinted that the firm will sign new acquisitions and deals in the near future.
Ripple CEO: We can get more deals in the next few months!
Speaking in the last episode of Ripple Drop, Brad Garlinghouse stated that the Coronavirus crisis has swept most sectors of the global economy, including cross-border payments. However, Brad Garlinghouse is confident that money transfers will continue around the world, as there are so many migrant workers who still have to send money home.
Ripple Announces New Partnership!
Despite the epidemic slowing businesses down to some extent, Ripple still has $ 200 million in savings collected in the Series C funding round late last year. Brad Garlinghouse stated that the San Francisco-based company plans to use this capital and other strengths to grow its business and make more deals in the next few months. Ripple's CEO adds:
WE MUST BE MORE CAUTIOUS ABOUT BUSINESS DECISIONS. BUT AT THE SAME TIME, BECAUSE OF OUR STRENGTHS, WE MUST FOCUS ON HOW WE STRATEGICALLY GROW THE BUSINESS AND, YOU KNOW, DEALS, INVESTMENTS AND POTENTIAL ACQUISITIONS IN THE COMING MONTHS.
Here are the companies that Ripple has invested in recently
Following these comments, investors are gossiping that the company may plan to acquire crypto loan platform Nexo. Some even suggest that Ripple can sign a deal with a big tech company like Google, Facebook or Amazon. Alongside MoneyGram, Ripple invested in payment startup Logos Network last year. The Fintech firm also acquired Algrim, an Iceland-based crypto trading company, in September 2019.
Transfer of Hundreds of Millions of XRP from Ripple
Ripple has not yet announced a new purchase. Meanwhile, the fintech firm recently launched a nonprofit organization that will work to improve the development and adoption of its XRP Ledger. Launched on September 24, the XRP Ledger Foundation aims to improve various areas including governance, core code changes and validators to drive growth and innovation in XRP Ledger. Ripple CTO David Schwartz said:
THE PEOPLE BEHIND THE XRP LEDGER FOUNDATION HAVE LONG CONTRIBUTED TO THE DEVELOPMENT AND SUCCESS OF THE XRP LEDGER. THROUGH THE FOUNDATION, THEY WILL SUPPORT AND PROVIDE RESOURCES TO THOSE WHO CREATE APPLICATIONS AND INFRASTRUCTURE FOR THE COMMUNITY. WE AND THE COMMUNITY HAVE WORKED OVER THE PAST 8 YEARS TO SIGNIFICANTLY INCREASE THE DECENTRALIZATION, PERFORMANCE, AND FEATURE SET OF THE XRP LEDGER AND STAY COMMITTED TO FUTURE GROWTH AND INNOVATION LED BY THE FOUNDATION.