- Ripple is in a “very strong position” with its business growing “strongly”
- MoneyGram to start with US dollar to Philippine peso and the US dollar to Mexican pairings
- The U.K. recently issued guidance classifying XRP with non-security attributes
Ripple is working on “multiple” investments and acquisitions after the $30 million investment in MoneyGram, reported Yahoo Finance.
“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,” Brad Garlinghouse, the CEO of Ripple revealed.
Garlinghouse told the publication that active discussion on several potential investments is currently underway but he didn’t provide any further details.
“Deals are always very, very hard to predict,” he said.
As for the areas, Ripple is targeting, Garlinghouse said, “Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
MoneyGram To Start With US dollar To Philippine Peso and The US Dollar To Mexican Pairings
Ripple already has some big names like Santander, SBI Holdings in its long list of partners.
“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.”
Recently it joined hands with one of the world’s largest money transfer company MoneyGram. Ripple bought a 10% stake in the company, with an option to invest a further $20 million at the same price over the next two years.
“Moneygram is in a position where it has tremendous assets globally and the public market has not been particularly kind to Moneygram,” Garlinghouse said. “The stock had gone way down and they had some pressure. We felt like we were in a position where we could help them, and they were in a position where they could help us.”
As part of the deal, Moneygram has started using XRP-powered xRapid, announced by the company last week. Garlingouse said Moneygram will start with the US dollar to Philippine peso and the US dollar to Mexican pairings.
“It’ll start to ramp in Q4 but really we’ll start to see more consequential volumes in Q1,” he said.
XRP Regulation Around the World
In the latest live discussion, Michelle Bond, Ripple’s Global Head of Government Relations also discussed the current global regulatory landscape, noting,
“Globally, there isn’t a single jurisdiction that isn’t paying attention to the fintech space, especially when it comes to blockchain and digital assets.”
Around the world, policymakers and governments are working together to establish regulations, with regions like the U.K., Singapore, Switzerland, and Abu Dhabi being leaders in the space by creating a framework that supports innovation and address risk.
She talks about how the U.K. recently issued guidance classifying XRP with non-security attributes.
As Commissioner Hester Peirce of the U.S. Securities and Exchange Commission (SEC) also noted that these frameworks can serve as a model for countries with less clarity that are looking to “co-learn” how to navigate crypto space.
The U.S. and other pro-innovation countries can set the tone for the rest of the world to follow, she said.