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Ripple eyes new investments to accelerate growth

Benson Toti

Ripple, the San Francisco-based company that developed the XRP crypto token and its underlying technology, is looking to further its investment strategy following its recent deal with MoneyGram.

In a recent interview with Yahoo Finance UK, the company’s chief executive officer Brian Garlinghouse revealed that Ripple was working on a “multiple” potential investments and acquisitions to help accelerate the company’s growth.

“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,” Garlinghouse told Yahoo Finance UK on Friday.

“Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be,” he added.

The CEO also noted that Ripple already was probably the biggest investor in blockchain and crypto in the world. He reminded that the company had publicly announced that it had invested $500 million in the space over the past 18 months.

Ripple’s most recent investment was not in a blockchain company, but could have a big impact on the industry. The company last month acquired a 10% stake in the world’s second-largest money transfer company, MoneyGram, for $30 million and has the option to invest another $20 million at the same price over the next two years. As part of the agreement, MoneyGram started to use Ripple’s cross-border payment solution xRapid, which is powered by XRP.

Despite the deal, XRP has been performing poorly in the past month and especially since the start of August. In the past few days, the coin has seen a number of drops below the $0.30 mark, including one in today’s session.

In today’s trading, the XRP price stood at $0.295, as of 15:18 BST. The digital currency has lost 1.6% of its value in the past 24 hours, according to data from digital currency tracker Coinmarketcap. Its total market capitalisation currently stands at $12.7 billion, which makes XRP the third-largest digital currency on the market.

Featured image: Stanslavs /Shutterstock.com

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