Ripple CEO Brad Garlinghouse has revealed that “multiple deals” are in the pipeline following the success of the company’s $30 million investment in MoneyGram in June.
The MoneyGram stock price soared 168% following Ripple’s investment, which included an option to purchase another $20 million worth of shares over the next two years.
Speaking to Yahoo Finance on the prospect of upcoming deals, Garlinghouse said: “We’re in a very strong position – our business is growing strongly, we have a strong balance sheet, and I intend to press our advantage.”
He also confirmed that “multiple” potential deals and acquisitions were being worked on, but declined to comment on specifics as “deals are always very, very hard to predict”.
— Ripple (@Ripple) August 6, 2019
He added: “Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be.”
In spite of its successful investments and industry deals, Ripple’s XRP token has suffered over the past few months, falling from yearly highs of $0.50 to just below $0.30, with several altcoins experiencing a correlating decline.
However, XRP is still the third-largest cryptocurrency in terms of market cap, boasting a capitalisation of $12.9 billion and a daily trade volume of around $900 million.
Ripple has also sent significant investments to a number of top universities as part of its University Blockchain Research Initiative (UBRI) program.