Despite its ongoing legal battle with the SEC, Ripple plans to expand internationally and explore new business areas using its cash reserves of $1 billion.
Ripple aims to be more than just a payments platform, considering acquisitions and entering crypto-friendly jurisdictions.
Although Ripple has been engaged in a long-drawn battle with the U.S. Securities and Exchange Commission (SEC), it hasn’t stopped the company from expanding into international markets and new business avenues.
Ripple continues to be on an aggressive footing when it comes to making fresh investments to grow within the crypto space. Ripple chief executive Brad Garlinghouse recently stated that it’s looking to use cash reserves to the tune of $1 billion in expanding the company’s offerings.
While speaking at the Dubai Fintech Summit, Garlinghouse said that the company is looking to grow and become more than just a payments platform or a liquidity provider. He stated:
I think [what]will be next is certainly something Ripple thinks about. We started with enterprise-based cross-border payments. We talked about there being four primitive pieces to blockchain-based technologies: liquidity, compliance, custody and tokenization.
And Ripple really aspires to be more than just that liquidity and cross-border payments. I think you’d expect that we will expand into some of those other areas, either organically or through acquisition.
Expanding Into Crypto-Friendly Jurisdictions
The Ripple CEO added that the company will consider expanding into markets with crypto-friendly jurisdictions. “I think we’ll look at [making]acquisitions in markets that are friendly to these technologies… You had representation from the United Arab Emirates (UAE), you had representation from Switzerland, these are countries that are providing the clarity for entrepreneurs to invest and that allows a company like Ripple, that is larger, (to invest), he said.
Garlinghouse also added that the company currently has more than $1 billion on its balance sheet which it plans to deploy “both organically internally but also inorganically through acquisitions.”
SEC on the Backfoot
While the resolution on the Ripple vs SEC lawsuit comes closer, Sologenic co-founder Bob Ras took it to Twitter to share his take on SEC’s approach to crypto regulation. As per Ras, the SEC is already on the back foot of the crypto industry feeling the “ripple effects” of the SEC’s aggressive approach to crypto regulation.
According to him, the SEC has been in the weakest position that it has ever been. He also lashed out at the SEC for treating cryptocurrencies as securities and not working on building a regulatory framework to address this innovative asset class. Ras wrote:
Recent court developments in the @Ripple case shed light on the SEC’s inconsistent stance, revealing that there may be reasonable grounds to conclude that not all crypto-assets satisfy the criteria to be classified as securities. This also has implications for other companies, such as Coinbase.
Der Beitrag Ripple to Spend $1,000,000,000 to Buy Firms and SEC Has Never Been Weaker – Can XRP Price Hit $20 When Gary Gensler Loses the Lawsuit? Report erschien zuerst auf Crypto News Flash.