It has been just revealed the fact that Ripple could be looking to deploy $1 billion. Here are the details about this extremely significant move.
Ripple makes massive money move
Ripple is making an important money-related move. Accoridng to the latest reports, the chief executive of Ripple Labs said that the payments platform is looking to use its cash reserves to the tune of $1 billion to expand the company’s offerings.
Speaking at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed the fact that the company is looking to grow and become more than just a payments platform and liquidity provider.
“I think [what] will be next is certainly something Ripple thinks about. We started with enterprise-based cross-border payments. We talked about there being four primitive pieces to blockchain-based technologies: liquidity, compliance, custody and tokenization.”
He continued and said the following:
“And Ripple really aspires to be more than just that liquidity and cross-border payments. I think you’d expect that we will expand into some of those other areas, either organically or through acquisition.”
According to Garlinghouse, Ripple plans to use the money in markets it considers friendly toward blockchain technology.
“I think we’ll look at [making] acquisitions in markets that are friendly to these technologies… You had representation from the United Arab Emirates (UAE), you had representation from Switzerland, these are countries that are providing the clarity for entrepreneurs to invest and that allows a company like Ripple, that is larger, (to invest).”
He also stated this:
“We have more than a billion US dollars in cash on our balance sheet, we want to deploy that to grow both organically internally but also inorganically through acquisitions.”
Ripple made the news recently when the firm revealed that it added experienced financial executive Warren Jenson to its board of directors.
Jenson served as the CFO for four different multi-billion dollar companies over the past 30 years, including Amazon, Delta Airlines, Electronic Arts, and Nielsen.