Brad Garlinghouse, chief executive of blockchain-based payments startup Ripple, has been making the media rounds. He has lots to talk about, given Ripple’s milestone of signing its 100th customer and having USD 15 billion in cryptocurrency reserves. Garlinghouse told the FT that Ripple could be on the acquisition trail. While rival cryptocurrencies are first in line, there’s always the possibility that upcoming ICOs could find their way onto the radar of this leading blockchain technology.
Garlinghouse pointed to the USD 15 billion of XRP that the company owns, which he said they will use to “continue to advance.” While details surrounding any possible M&A were scarce, Ripple’s war chest could be directed toward forming partnerships or acquiring competing fintech plays.
So which upcoming ICOs could be an acquisition target? The upcoming Stack ICO is a personal finance platform whose STK token can be used for everyday purchases with the tap of a smartphone. Perhaps the STK token would be an attractive acquisition target to Ripple’s Garlinghouse. Or Utrust, which is another cryptocurrency payments platform that targets reducing friction in cross-border transactions.
RippleNet Is More Mature Than Upcoming ICOs
Surpassing the 100th customer is a major milestone for Ripple, whose blockchain network RippleNet is more mature than upcoming ICOs. RippleNet technology facilitates cross border payments in seconds, which is revolutionary for banks that are used to waiting days for cross-border transfers to be completed.
The latest additions to join RippleNet for cross border payments are: Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RABANK and TransferGo, as per Ripple. Mexico’s Cuallix will be the maiden global institution to use Ripple’s XRP coin for liquidity and cost savings in a cross-border payment between the United States and Mexico.
Meanwhile Ripple’s ability to attract major global banks comes on the heels of backlash from leading execs in the banking industry. In addition to his disdain for bitcoin, JPMorgan’s Jamie Dimon recently leveled criticism against upcoming ICOs, saying they were worthless.
Cryptocurrency consolidation would alter the industry landscape for upcoming ICOs and give investors another way to trade the asset class.
For information on how to buy and trade Ripple, see our complete guide here.