Blockchain payments company Ripple intends to create new investments and acquisitions, with some deals purportedly underway, the company CEO said.
This revelation comes following Ripple’s second-quarter report, which specified the firms’ overall sales of its native token XRP growing by about 48 per cent to $251 million. This development was driven primarily by a substantial uptick in institutional sales.
Brad Garlinghouse, Swell CEO, said in an interview with Yahoo Finance:
“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.”
Furthermore, Ripple’s 10 per cent equity stake in MoneyGram shows to have paid off. The remittance firm revealed last week it started utilizing Ripple’s xRapid transaction product to preserve liquidity when making worldwide transfers.
Garlinghouse said MoneyGram linked Ripple’s tech with its US dollar to Mexican peso and US dollar to Philippine peso pairings, and will “ramp” up the service heading into 2020.
Garlinghouse did not talk particularly about which firms or businesses Ripple is focusing on but said Ripple keeps up an alternative to invest a further $20 million in MoneyGram at its original buy cost.