The chief executive of Ripple Labs reveals that the payments platform is looking to use its cash reserves to the tune of $1 Billion to enhance the company’s offerings.
Speaking at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse says the company is looking to grow and become greater 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.
And Ripple really aspires to be greater 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.”
Reports by Garlinghouse, Ripple intends to use the money in markets it considers friendly toward blockchain tech 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 supplying the clarity for entrepreneurs to invest and that allows a company like Ripple, that is larger, (to invest).
We have greater than a Billion United States dollars in cash on our balance sheet, we want to deploy that to grow both organically internally but likewise inorganically through acquisitions.”
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