Ripple looks to invest in ‘multiple’ companies after MoneyGram

Ripple • August 9, 2019, 4:35AM EDT
UPDATED: August 9, 2019, 4:41AM EDT
The Block

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.

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Yogita Khatri profile picture Yogita Khatri

Yogita Khatri is a senior reporter at The Block and the author of The Funding newsletter. As our longest-serving editorial member, Yogita has been instrumental in breaking numerous stories, exclusives and scoops. With over 3,000 articles to her name, Yogita is The Block's most-published and most-read author of all time. Before joining The Block, Yogita wrote for CoinDesk and The Economic Times. You can reach her at [email protected] or follow her latest updates on X at @Yogita_Khatri5.

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