Ripple CEO Brad Garlinghouse recently told Yahoo Finance UK that, not only is the company in a strong position, but it is actively looking at multiple deals with high-profile companies.
In June, Ripple announced a $30M investment in money transfer business MoneyGram. The news sparked massive speculation over what could come next. After all, MoneyGram boasts some $1.4B in annual revenue and has over 2,000 employees.
More Investments and Acquisitions to Come
It looks like Ripple is not taking a break after that major deal, however. The CEO of the crypto-project, Brad Garlinghouse, told Yahoo Finance UK recently that the momentum will keep moving. In short, there is much to look forward to.
“We’re in a very strong position, our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage,” he said. Moreover, he also revealed that discussions were currently underway with “multiple” acquisitions and investments. Garlinghouse, however, did not wish to disclose further details when pushed.
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When asked what particular areas these investments would focus on, Garlinghouse simply said that “Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
“Deals are always very, very hard to predict,” Garlinghouse said. However, he seemed to imply that more is to come.
There’s every reason to think that Ripple some major deals in the pipeline. After all, it was recently discovered that Ripple was mentioned as a settlement layer in Bank of America’s latest patent. Moreover, the potential of the MoneyGram investment is noteworthy in and of itself. The second-largest money remittance company in the world will definitely be using Ripple’s xRapid, as mentioned in the details of the investment.
Garlinghouse has said that MoneyGram will first begin by testing xRapid with the US dollar to Mexican pesos. “It’ll start to ramp in Q4 but really we’ll start to see more consequential volumes in Q1,” he said.
According to him, the merging of money transfer services and cryptocurrencies will have a more significant impact than Facebook’s Libra. “If I were betting now, a year from now the Moneygram deal will have a more consequential impact on the crypto markets than the Libra white paper [Facebook’s cryptocurrency project],” he said.
I suppose we’ll have to wait until Q1 for the MoneyGram-Ripple collaboration to really bear its fruits. However, there’s still plenty in the pipeline for Ripple in terms of major investments and acquisition by year’s end.
Do you believe it is possible that Ripple could announce a partnership with Bank of America? Let us know your thoughts below in the comments.
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