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XRP · 206w

Blockchain company Ripple says it has $15bn war chest

Blockchain company Ripple says it has $15bn war chest https://www.ft.com/content/8dcd3fa4-adbb-11e7-beba-5521c713abf4   >The head of Ripple, one of the biggest blockchain companies, has said its **$15bn of cryptocurrency reserves could be used to acquire or partner with rivals**, as it seeks to dominate its fast-moving sector within financial technology.   >The company on Tuesday announced several new customers had signed up to start using its technology for cross-border payments, including France’s Crédit Agricole, Brazil’s Bexs Banco and Uruguay’s dLocal. It also said that SEB, the Swedish bank, had used Ripple’s system to transfer $180m between Sweden and the US in recent months to help manage the cash balances of one of large corporate customers.   >Ripple’s cross-border payments system is based on using its XRP cryptocurrency, which customers buy and sell almost instantaneously to move money between countries and currencies over the company’s system. It allows cross-border payments to be completed within 10 to 15 seconds, compared with about three days for interbank transactions using the Swift network.   >“Ripple owns about $15bn of XRP and we will use that to ensure that we continue to advance,” Mr Garlinghouse said. “One of the biggest challenges for investors and the media with blockchain is to decide what is real and what is hype, as frankly some of this stuff can be done with a simple database,” he said.
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