According to Garlinghouse, Ripple is looking to strategically grow its business amid the current economic climate following a big fundraise that saw the San Francisco-based firm getting $200 million in Series C funding.
“We need to be more prudent about business decisions, but we’ll also probably, because of the strengths we’re coming from, look at how we strategically grow the business and, you know, look at deals, look at investments, and potential acquisitions in the coming months.”
The comments from the Ripple chief have investors on the popular XRP-centered forum XRP Chat pondering what’s on the table.
Garlinghouse says the global pandemic is presenting major challenges for all businesses, including the cross-border payments industry, but he remains optimistic that business will thrive.
“The volatility of the economy creates, you know, some uncertainty for global payments. On one hand, there’s no doubt that we live in a global interconnected world. There’s a lot of migrant workers, and you know, the pandemic may slow down some of that, but there’s no doubt that we’ll continue to move money around the world. I don’t think that’s gonna change anytime soon.”
In September of last year, Ripple acquired crypto trading firm Algrim and the decentralized finance payments startup Logos. It also invested $50 million in MoneyGram and now has nearly 10% stake in the remittance firm.