Ripple looks to invest in ‘multiple’ companies after MoneyGram

Ripple is looking to sign “multiple” investment and acquisition deals after its $30 million investment in money transfer giant MoneyGram.

“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, told Yahoo Finance UK on Friday.

Garlinghouse did not provide specific details about potential investments, as deals are “always very, very hard to predict.”

Back in June, Ripple invested $30 million in MoneyGram, with a plan to further invest up to $20 million in the next two years.

Last week, MoneyGram CEO Alex Holmes, said that the firm has initiated transactions on Ripple's xRapid blockchain platform, which uses XRP cryptocurrency to process cross-border payments.

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.