This summer, Ripple was in the latest cryptocurrency news for buying the $30 million USD worth of shares in MoneyGram. As part of that deal, the mainstream money transferring company agreed to partner with Ripple in the field of cross border payment settlements. Right now, we can see that Ripple negotiates new investments and its leadership signals that they are keeping the war chest open with many new ideas in the works.
As we can see from the Ripple chief executive officer Brad Garlinghouse, Ripple negotiates a lot of new things. Garlinghouse told Yahoo Finance UK this year that it was “very hard to predict” which deals would actualize. However, he seemed optimistic and said that the cryptocurrency company was amid negotiations with several firms regarding outright acquisitions or more modest investments.
“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 […] Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be,” Garlinghouse explained, confirming that Ripple negotiates and keeps the pace up while others gain ground.
As we can see from what many best cryptocurrency news sites posted, this expansionary strategy for Ripple comes after the cryptocurrency has been facing a lot of competition from several different directions.
For instance, JP Morgan announced that it was developing a new “JPM Coin” stablecoin which directly affected Ripple. Then, the institution said that the coin will be used in settlement trials within the interbank blockchain rail, the Interbank Information Network (IIN) later this year.
“Pretty much every big corporation is our client and most of the major banks in the world are too,” JP Morgan blockchain lead Umar Farooq explained at the time, while some experts in the coming altcoin news said that the bank was moving in on Ripple’s turf.
Aside from this, we can see that in May this year a dozen large banks invested $50 million into a blockchain settlements project which was spearheaded by a startup named Fnality. As Ripple negotiates new projects, VISA unveiled its blockchain payments network the following month, too.
“We’ve publicly announced we’ve made [investments of] about $500 million in the space over the last 18 months,” Garlinghouse told Yahoo Finance UK on Friday.
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