Ripple plans to increase investments in third-party companies
American fintech company Ripple plans to sign “many” investment contracts and deals to buy third-party companies after investing $ 30 million in the MoneyGram payment service. Ripple CEO Brad Garlinghouse said this in a conversation with Yahoo! Finance UK on Friday.
“We are in an extremely confident position, our business is growing steadily, we have a strong consolidated balance sheet, and I intend to focus on our advantages,” he said. Garlinghouse declined to disclose information on specific investments, as deals are “always very, very difficult to predict.”.
The CEO of Ripple also once again tried to refute the version that his company overpaid for MoneyGram shares in order to persuade the service to use its technology. “I would not call it an out-of-bounds measure. We attract More and more customers and see their value. If we want to speed up the process, we can do things that might be misinterpreted by some, ”he added..
According to Garlinghouse, investment firm Thomas H. Lee Partners did not want to sell at market price the shares, which had depreciated by almost 80% over the previous year, forcing Ripple to enter the deal at an overvalued rate. “This is an important deal. If I had to place a bet now, I would say that in a year the Moneygram deal will have more important implications for the cryptocurrency market than the Libra white paper “.
Garlinghouse expects xRapid platform transactions to exceed $ 1 billion by 2020. Even before the conclusion of the deal with Moneygram, xRapid volumes grew by 170% between the first and second quarter.
Ripple is currently signing two new contracts with financial institutions a week, and their total number has already exceeded 200. Garlinghouse predicts that they will be able to attract another 100 customers by the end of the year, 20% of whom will use xRapid and XRP.
On last week MoneyGram representatives have confirmed that they are already conducting transactions with cryptocurrency XRP based on xRapid solution.
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