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 enhanceย the companyโs offerings.
Speaking at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse says the company is looking to grow and become greaterย than just a payments platform and liquidity provider.
โI 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 greaterย than just that liquidity and cross-border payments. I think youโd expect that we will expand into some of those other areas, either organically or through acquisition.โ
Reportsย by Garlinghouse, Ripple intendsย to use the money in markets it considers friendly toward blockchainย tech technology.
โI think weโll look at [making] acquisitions in markets that are friendly to these technologiesโฆ 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 greaterย than a Billion Unitedย States dollars in cash on our balance sheet, we want to deploy that to grow both organically internally but likewise inorganically through acquisitions.โ
Featured Image: Shutterstock/Natykach Nataliia
