Ripple working on “multiple” potential investments and acquisitions after MoneyGram (MGI) - Koinalert
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Ripple working on “multiple” potential investments and acquisitions after MoneyGram (MGI)

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Ripple working on “multiple” potential investments and acquisitions after MoneyGram (MGI)

The CEO of Ripple (XRP) Brad Garlinghouse is working on “multiple” potential investments and acquisitions deals after its $30 million investments in MoneyGram. Brad Garlinghouse, the CEO of Ripple, told Yahoo Finance UK on Friday,

“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”.

Garlinghouse further said to Yahoo Finance UK that discussions on “multiple” potential investments and acquisitions were currently underway but he declined to provide more details on that. He said, “Deal are always very, very hard to predict,”.

In June this year Ripple invested $30 million in money transfer giant MoneyGram and buys 10% stake in it. Ripple also plans to further invest up to $20 million in the next two years.

READ MORE: MoneyGram share surges 167% after Ripple (XRP) deal

The CEO of MoneyGram (MGI), Alex Holmes also confirmed that the firm has initiated transactions on Ripple’s xRapid blockchain platform, which uses XRP cryptocurrency to process cross-border payments.

“We’re probably the largest investor in blockchain and crypto on the planet,” Garlinghouse said. “We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months.”

Ripple sold around $250m-worth of XRP in the second quarter alone. It owns 55% of the total XRP supply worth around $13.7bn (although most is locked up in escrow).

At press time Ripple (XRP) is valued at $0.298140 USD (-3.23%) with a market capitalization of $12,782,055,173 USD.

Ashish is a cryptocurrency journalist who has been passionately involved in the bitcoin space since 2016. His interests lie in bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.