The CEO of cryptocurrency company Ripple is working on “multiple” potential investments and acquisitions in the wake of a $30m investment in money transfer business Moneygram (MGI).
“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,” Brad Garlinghouse, the CEO of Ripple, told Yahoo Finance UK.
Garlinghouse said active discussions on “multiple” potential investments and acquisitions were currently underway but declined to give further details.
“Deal are always very, very hard to predict,” he said.
Asked what areas Ripple was looking at, Garlinghouse said: “Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
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Ripple is one of the world’s biggest and wealthiest cryptocurrency companies. Founded in Silicon Valley in 2012, the company developed the XRP (XRP) cryptocurrency, which is specifically designed to make international payments cheaper and faster. It now uses the technology to help banks and financial institutions with international payments.
XRP is decentralized and freely traded on exchanges, but Ripple still owns around 55% of the total supply, worth around $13.7bn (although most is locked up in escrow). It sold $250m-worth of XRP in the second quarter alone.
Ripple has also raised $94m from investors including Google, Santander, Standard Chartered, and Silicon Valley venture capital firm Andreessen Horowitz, giving the company a significant war chest.
“We’re probably the largest investor in blockchain and crypto on the planet,” Garlinghouse said. “We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months.”‘It’ll start to ramp’ A Moneygram logo is seen outside a bank in Vienna, Austria. Photo: Heinz-Peter Bader/ReutersMo...