At the closed Dubai Fintech Summit, Ripple CEO Brad Garlinghouse revealed that his company is looking to expand its services beyond payments. A popular Twitter member of the XRP community, Eri, shared a video of the speech with his Twitter followers.
In his speech, Garlinghouse made it clear that the company started out as a company that worked on cross-functional projects. But now the San Francisco-based fintech company is looking to expand beyond cash and payment services. Ripple Expansion Plan
In addition, the Ripple official said that the blockchain has four main functions: liquidity, security, acceptance, and tokenization.
The president stressed that Ripple aims to be more than a passive water provider. According to Garlinghouse, the time has come for Ripple to expand into other areas of the blockchain.
The group is not only thinking, but also creating plans to achieve this, and for this, the company can begin to expand or allow mergers and acquisitions. Mergers and acquisitions require Ripple to buy other companies to expand its operations, while the former involves using existing resources and expertise to change its offering.
Garlinghouse has indicated that his company is considering an acquisition. He said that Ripple is looking to acquire businesses in the blockchain and crypto markets.
Speaking about the friendly market, the president singled out the United Arab Emirates and Switzerland, whose representatives were present at the forum, as countries with clear standards for crypto investors. Garlinghouse has confirmed that Ripple has more than $1 billion in cash on its balance sheet and is ready to invest in the development of other areas of blockchain technology.
He reiterated that the company will use the money to acquire other businesses and improve its internal infrastructure. The company has already started its expansion process. According to reports, Ripple recently acquired Metaco, a well-known digital asset management company in Switzerland. It should be noted that Metaco’s business focuses on tokenization and security, which are among the main aspects of blockchain technology that Garlinghouse mentioned.
Metaco operates from Switzerland, a region with stricter cryptocurrency regulations than the United States. Garlinghouse highlighted this fact during his speech at the Fintech Summit.
In April, Ripple’s general counsel, Stuart Alderoti, announced the company’s plans to expand its operations in London. In addition, a new office was recently opened in Dubai to expand its presence in the Middle East and North Africa (MENA) region.