Ripple, the leading blockchain-based payment solutions company, is looking at making strategic acquisitions in crypto-friendly countries to expand its business model.
Ripple CEO Brad Garlinghouse revealed this information during a live interview at the Dubai Fintech Summit last week. In his remarks, the Ripple boss said that Ripple’s aspirations go beyond its current focus on cross-border payments for businesses and include various other aspects of the blockchain technology sector.
“I think what comes next is definitely what Ripple thinks about. We started with enterprise-based cross-border payments. We talked about having four primitive pieces of blockchain-based technologies; liquidity, compliance , custody and tokenization. Ripple aspires to be much more than that… I think you would expect us to expand into some of those other areas, either organically or through acquisitions.” Garlinghouse said.
The CEO then stressed the importance of operating in countries that support blockchain technologies, citing the United Arab Emirates (UAE) and Switzerland as prime examples of countries that provide an encouraging environment for entrepreneurs in the crypto space.
“I think we will look at making acquisitions in markets that are well suited to these technologies.” he added, adding “In the last panel, you had representation from the UAE, Switzerland. These are countries that are providing clarity for entrepreneurs to invest and that allow a large company like Ripple.
Furthermore, to back up his statements, Garlinghouse revealed that Ripple has over $1 billion in cash reserves to be allocated to the said strategic acquisitions.
“We have over $1 billion in cash on our balance sheet. We are looking to drive growth, both organic and inorganic, through acquisitions. He wore.
Garlinghouse’s comments come amid growing concerns over the regulatory environment in the United States. During the interview, he expressed his dismay at America, saying that prioritizing politics over policy is holding the country back.
According to him, the investment and development potential in blockchain technologies is being risked outside the United States due to the country’s pronounced anti-crypto ideologies.
He added that Ripple is expected to spend around $200 million against its ongoing lawsuit with the US Securities and Exchange Commission (SEC), stating that the case lacks solid foundation.
That said, despite difficulties in the United States, Ripple’s ambitions for expansion, which include the possibility of acquiring companies in crypto-friendly sectors, have the potential to establish the company as a leader in the global blockchain industry. .
This strategic move will boost the use of Ripple’s ecosystem and eventually propel the value of XRP towards the coveted $1 price level. At press time, the cryptocurrency was trading at $0.4672, up 3.39% over the past 24-hours.