Ripple Labs’ CEO, Brad Garlinghouse, revealed at the Dubai Fintech Summit that the company plans to use a staggering $1 billion from its cash reserves to fuel its expansion. The goal is to transform Ripple into more than just a payments platform and liquidity provider.
He said, “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.”
The CEO said that Ripple has ambitious aspirations beyond its current role as a liquidity provider and facilitator of cross-border payments. The company aims to expand into other areas, either through organic growth or acquisitions.
He shared that the company plans to invest its funds in blockchain-friendly markets. He mentioned countries like the United Arab Emirates (UAE) and Switzerland, which provide clear regulations and encourage entrepreneurial investment. This allows Ripple to explore acquisitions and expand its presence in these markets.
“We have more than a billion US dollars in cash on our balance sheet, we want to deploy that to grow both organically internally and also inorganically through acquisitions.”
Ripple vs SEC debuts new twists and turns
Ripple has been embroiled in a long-lasting legal conflict with the US Securities and Exchange Commission (SEC). The regulatory body alleges that Ripple violated securities laws by selling XRP tokens without fulfilling the necessary registration requirements.
Following a significant victory for Ripple, a blockchain company, in which Judge Analisa Torres rejected the motion by the SEC to seal the contentious Hinman documents, the court has granted a postponement of their release until June 13. This development allows for additional time to prepare for the publication of these influential documents, which could potentially impact the ongoing legal battle between Ripple and the SEC.
Source: https://coinpedia.org/news/amid-ripple-vs-sec-ceo-brad-garlinghouse-says-we-have-more-than-a-billion-us-dollars/