The chief executive of Ripple Labs says that the payments platform is looking to use its cash reserves to the tune of $1 billion to expand the company’s offerings.
Speaking at the Dubai Fintech Summit, Ripple CEO Brad Garlinghouse says the company is looking to grow and become more than just a payments platform and liquidity provider.
“I think [what] will be next is certainly something Ripple thinks about. We started with enterprise-based cross-border payments. We talked about there being four primitive pieces to blockchain-based technologies: liquidity, compliance, custody and tokenization.
And Ripple really aspires to be more than just that liquidity and cross-border payments. I think you’d expect that we will expand into some of those other areas, either organically or through acquisition.”
According to Garlinghouse, Ripple plans to use the money in markets it considers friendly toward blockchain technology.
“I think we’ll look at [making] acquisitions in markets that are friendly to these technologies… You had representation from the United Arab Emirates (UAE), you had representation from Switzerland, these are countries that are providing the clarity for entrepreneurs to invest and that allows a company like Ripple, that is larger, (to invest).
We have more than a billion US dollars in cash on our balance sheet, we want to deploy that to grow both organically internally but also inorganically through acquisitions.”
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Natykach Nataliia