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Monday, March 27, 2023

Ripple CEO Brad Garlinghouse Hints at Future Mergers and Acquisitions

Ripple CEO Brad Garlinghouse Hints at Future Mergers and Acquisitions – Ripple Labs executive Brad Garlinghouse recently told CNBC during the WEF conference in Davos that the company had “a very strong balance sheet.” Ripple Labs may participate in merger and acquisition (M&A) deals, according to Garlinghouse, and Ripple Labs will be the buyer.

“I think we’re now at a level of growth where we’re more likely to be the buyer than the seller,” Garlinghouse told CNBC’s Arjun Kharpal. Garlinghouse also forecast that the blockchain industry will witness increased mergers and acquisitions.

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During his interview, Garlinghouse stated: “I believe there will be an uptick in M&A in the blockchain and crypto industry.” “That’s something we haven’t seen yet. But I believe that will happen in the future.”

Several acquisitions were made in the crypto space in the second half of 2021 and the first quarter of 2022. For example, Coinbase bought Fairx Exchange in January 2022, while Opensea bought Dharma Labs in the same month.

Also Read: El Salvador Treasury Minister States Ukraine-Russia Conflict Disrupted Bitcoin Prices

Consensys, an ethereum software business, announced the purchase of the Mycrypto wallet in February. The fractional investing firm Public announced the acquisition of the digital collectibles as well as non-fungible token (NFT) technology business Otis the following month, in March.

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Bolt, a payments, checkout, and shopper network, bought Wyre for $1.5 billion in April. Huobi Global also announced the acquisition of Bitex, a Latin American crypto exchange, at the end of May. The Ripple Labs CEO’s comments in Davos come after billionaire and FTX co-founder Sam Bankman-Fried talked about spending billions on mergers and acquisitions. “There’s a lot of space for growth in crypto,” Garlinghouse said in Davos, “and we’re looking at a lot of different niches for it.”

Meanwhile, among the more than 13,400 crypto assets in existence today, xrp (XRP) has the sixth-largest market capitalization. XRP, on the other hand, has lost 59.2 percent against the US dollar this year, and 34 percent in the last 30 days.

Also Read: Fidelity Plans Hiring Spree to Expand Crypto Services to Include Ethereum Trading and Custody

Also, unlike many other digital assets, XRP did not reach an all-time high (ATH) seven months ago, in November 2021. Following the 2017 crypto bull run, XRP’s last reported ATH was on January 7, 2018, more than four years ago. Since then, XRP has lost more than 88 percent of its value, accounting for 1.49 percent of the $1.28 trillion in value of the entire crypto ecosystem.

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