Ripple’s Chief Executive Officer, Brad Garlinghouse, looks set to make a couple of acquisitions and investments. This is sequel to the release of the 2019 report for the company’s second quarter.
The report shows that Ripple records up to a 48% rise in revenue when contrasted with its Q1 report.
Garlinghouse in an interview with Yahoo Finance said:
“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.”
MoneyGram Now Uses Ripple’s xRapid
In June 2019, Ripple made a commitment of $30M worth of investment in MoneyGram. MoneyGram is a global money wire company based in Texas. Both companies reached an agreement which sees Ripple get up to 10% worth of shares in MoneyGram. The shares happened to be sold at $4.10 each. The deal also has a clause which could see Ripple activated to invest an extra $20M through the acquisition of more shares by the next 24 months.
The management at MoneyGram made it known about the company’s use of xRapid, the XRP transaction solution of Ripple, for remittance payments.
MoneyGram CEO, Alex Holmes went on to explain how important it was to upgrade global systems of payments. This is to be on par with the fintech industry which is seeing rapid evolution.
“It’s imperative that we continue to improve our platform and provide the most effective solution to get funds from point A to point B”, Holmes said. “Through Ripple’s xRapid product, we will have the ability to instantly settle funds from US dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”
Garlinghouse says Ripple is the Planet’s biggest crypto investor
Garlinghouse said in the interview with Yahoo Finance: “[Ripple Labs is] probably the largest investor in blockchain and crypto on the planet. We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months.”
So far, Ripple’s supply of XRP is about 55% of the entire market