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.”
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