The blockchain payments firm Ripple is venturing into the corporate treasury market by acquiring a firm that offers cloud-based treasury management services.
Ripple says it’s acquiring the treasury and digital asset infrastructure firm GTreasury for $1 billion.
As stated by Ripple chief executive Brad Garlinghouse,
“For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets – problems that blockchain technologies are ideally suited to solve.
Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities.”
According to the press release, the acquisitions will help Ripple better manage cryptocurrencies – such as stablecoins and tokenized assets – at the scale required by blue-chip companies. Though the deal hasn’t closed yet, it is expected to within the next couple of months and is subject to regulatory approval.
Earlier this year, Ripple also purchased the Toronto-based stablecoin payments platform Rail for $200 million, at the time saying the companies together would offer the most comprehensive stablecoin payments platform anywhere on the market.
XRP, the digital asset associated with Ripple, is trading for $2.29 at time of writing, a 3.7% increase on the day.
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