Ripple Labs, the company behind the XRP cryptocurrency – the sixth largest by marketcap – has just announced that it has bought software firm GTreasury for $1 billion, marking the firm’s third major deal this year. Ripple said the acquisition would help the company move money and unlock idle capital. The deal is the latest example of a big digital asset company pushing into the mainstream.
Regarding this acquisition and its intention to unlock idle capital to ease payment systems – long controlled by traditional banks with outdated processes, Ripple’s CEO stated:
“For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets—problems that blockchain technologies are ideally suited to solve…
“The past few years have reminded this industry why payments, first and foremost, is the primary use case for crypto and blockchain.”
An announcement by Ripple said the crypto giant would be able to help the “financial world’s shift towards digital assets” as more top companies deal with managing stablecoins, tokenized deposits, and other assets at scale.
Solving Real World Problems
XRP and Ripple are solving real world problems. XRP has lighting fast speed – transactions setltle in about 3 seconds for less than a penny. This speed and low cost make XRP perfect for big players like banks sending money across borders. Companies like MoneyGram have already used XRP to send tes of millions of dollars this way, proving this system works. In Japan, SBI Remit sends money to places like the Philippines using XRP, while in Africa, fintech Flutterwave helps businesses pay globally with XRP’s help. Ripple also works with banks and governments, like the Dubai Land Department, to use XRP for real world assets such as real estate deals.
Like a stock, XRP’s value comes from doing its job: making global payments smoother.
As reported in a thought piece by 24/7 Wallstreet:
“XRP isn’t trying to replace Bitcoin as a store of value — it’s aiming to be the backbone of international finance.”