Brad Garlinghouse, the CEO of Ripple, announced at the recently concluded Dubai Fintech Summit that his company intendsย to expand its services beyond liquidity provision.ย
Ripple, a San Francisco-based fintech company, started as an enterprise-focused cross-border settlement service provider. Nonetheless, Garlinghouse highlighted in his speech that the company intendsย to grow beyond โliquidity and payment services. A trending XRPย Rippleย (XRP) influencer, Eri, shared the speech clip on her Twitter account with her followers.
Ripple Aims to Expand Beyond Cross-Border Liquidity
Rippleโs CEO, Brad Garlinghouse, recognized the four fundamental elements of blockchain: liquidity, custody, compliance, and tokenization. He stressed that Rippleโs aspirations go beyond being a provider of cross-border liquidity. Garlinghouse highlighted the need for Ripple to deal into other sectors within the blockchainย tech industry.ย
Ripple aspires to be greaterย than just liquidity & payments.
Acquisitions in crypto-friendly markets (like UAE and Switzerland), for expansion. pic.twitter.com/yTRMEasngN
โ ๐ธ Cryptocurrency Eri 220k+ Followers (Beware of Imposters) (@sentosumosaba) May 18, 2023
Theย group is engaged in strategic planning, exploring possibilities for organic expansion and mergers and acquisitions (M&A) to accomplish their goals.
Ripple intendsย to actively acquire other corporations through mergers and acquisitions to expand its services while leveraging its existing resources and expertise to diversify its offerings.
Garlinghouse madeย itย clearย that his company was actively seeingย as acquisitions and expressed a keen interest in purchasing corporations operating in blockchainย tech and crypto-friendly markets. He highlighted the UAE and Switzerland as countries that provide regulatory clarity for cryptocurrency entrepreneurs, highlighting their representation at the summit.
Garlinghouse confirmed that Ripple asย ofย now possesses over $1 Billion in cash on its balance sheet and plansย to actively invest this financialย resources in theย expansion of other areas within the blockchainย tech sector. He emphasized the companyโs commitment to using these funds for acquiring other corporations and improving its internal infrastructure.
Ripple Expands with Acquisition of Swiss Company Metaco
Ripple has started its expansion strategy by acquiring Metaco, a prominent Switzerland-based digital investment custody and tokenization company. The company announced the acquisition via a tweet, showing its entry into the Swiss market. Metacoโs expertise in tokenization and custody aligns with the fundamental aspects of blockchainย tech, which Ripple CEO Brad Garlinghouse emphasized.
Today, we are proud to reveal Ripple has acquired @metaco_sa, becoming the sole shareholder of the Swiss-based provider of digital investment custody and tokenization technology.
โ Ripple (@Ripple) May 17, 2023
Rippleโs expansion into Switzerland doesnโt surprise, seeingย as the regulatory challenges it has faced with Unitedย States authorities in recent years. Switzerland offers a more favorable regulatory environment for digitalย currencies and blockchainย tech than the United States.ย
Garlinghouse himself acknowledged this during his speech at the Fintech Summit. Furthermore, in April, Ripple revealed its intendsย to expand into London, as disclosed by Stuart Alderoty, the companyโs chief legal officer. Inย addition, Ripple has opened a new office in Dubai to strengthen its presence in the Middle East and North Africa (MENA) region.
Ripple and XRP: Empowering Digital Payment Transformation in 13 African Countries
CV VC and South Africaโs Standard Bank collaborated to release the โAfrican Blockchainย Tech Report 2022โ in late April 2023. The report outlines that Ripple and XRPย Rippleย (XRP) are extensively utilized in 13 African countries, which have gone unnoticed within the XRPย Rippleย (XRP) community.
Reportsย by the report, there are wholeย lotย of opportunities for digital payment service providers, including Ripple, in Africa. Regardlessย of the regionโs progress in recent years, there remains untapped potential. The report predicts a 20 percent growth in electronic payments revenue by 2025, amounting to $40 billion.
1 page of the report is dedicated to highlighting Rippleโs technology. It emphasizes the innovative solutions offered by Ripple, showcasing its capacity toย support secure and efficient cross-border transactions and strengthen financial inclusion in Africa.
The report endorses Ripple and its XRP-powered On-Demand Liquidity (ODL) solution. It summarizes Rippleโs presence in plentyย of African countries, including Benin, Burkina Faso, Cรดte dโIvoire, Egypt, Ghana, Kenya, Mali, Niger, Nigeria, Senegal, South Africa, Togo, and Uganda.ย
Digital payments make up less than 10 percent of Africaโs total payment volume. Nonetheless, the report argues that using blockchainย tech and digitalย currencies for remittances can cause wholeย lotย of cost savings. On average, these solutions can reduce charges by 6.3%, with sub-Saharan Africa potentially experiencing substantiallyย greater protection of 8.46 percent compared to traditional methods.
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