To say that Ripple acquired a stake in MoneyGram last year thrilled the XRP army is an understatement. The company now owns 10% of MoneyGram's common stock after investing a staggering $ 50 million. MoneyGram, in return, leverages Ripple's XRP-based payment technology for its international transactions.
Now, the CEO of Ripple, the company behind the XRP cryptocurrency, has recently hinted that the company is ready to sign new acquisitions and deals in the near future.
More acquisitions in the coming months
Speaking on the latest episode of Ripple Drop, Brad Garlinghouse observed that the Coronavirus crisis has wreaked havoc on most sectors of the global economy, including cross-border payments. However, he is confident that they will continue to move money around the world, as there are still a large number of migrant workers who have to send money home.
Despite the pandemic slowing businesses down to some extent, Ripple still has a $ 200 million hoard that was raised in a Series C funding round late last year. Garlinghouse noted that the San Francisco-based company plans to use this capital and other strengths to grow its business and secure more deals in the coming months.
"We need be more prudent with business decisions, but probably because of the strengths that we come from, we will also see how we strategically grow the business and, you know, we will look at the deals, investments and possible acquisitions in the coming months.
Following these comments, Ripple's rumor mill is now generating gossip that the company might be planning to acquire cryptocurrency lender Nexo. Others even suggested that Ripple could strike a deal with a big tech company like Google, Facebook, or Amazon.
It's worth noting that, in addition to MoneyGram, Ripple invested in payments startup Logos Network last year. The fintech company also acquired an Iceland-based cryptocurrency trading company, Algrim, in September 2019.
Drive growth and innovation
Ripple has yet to announce any new acquisitions. Meanwhile, the fintech firm recently launched a non-profit organization that will work to improve the development and adoption of the decentralized XRP Ledger.
The XRP Ledger Foundation, launched on September 24, seeks to improve several areas, including governance, core code changes, and validators to drive growth and innovation in XRP Ledger.
Ripple CTO David Schwartz said:
“The people behind the XRP Ledger Foundation have long contributed to the development and success of XRP Ledger. Through the Foundation, they will support and provide resources to others who create applications and infrastructure for the community. We and the community have worked for the past 8 years to dramatically increase the decentralization, performance and feature set of XRP Ledger and remain committed to its future Foundation-led growth and innovation. "