While by the World Economic Forum (WEF) event in Davos, Ripple Labs CEO, Brad Garlinghouse discussed the firm’s growth openings and despite the crypto economy’s downturn, Garlinghouse spoke about future mergers and acquisitions.
‘I Think We’re More Suitable to Be the Buyer,’ Ripple Labs CEO Brad Garlinghouse Said During an Interview in Davos
Just recently, during the WEF forum in Davos, Ripple Labs executive Brad Garlinghouse told CNBC in an interview that Ripple Labs has “a pure strong balance sheet.” Garlinghouse spoke about Ripple Labs possibly participating in merger and acquisition (M&A) parcel outs and Ripple Labs will be the buyer. “We’re now at a stage of growth where I think we’re more likely to be the buyer versus the … seller,” Garlinghouse described the CNBC author Arjun Kharpal. Garlinghouse further noted that he expects to see an increase in M&A in the blockchain industry.
“I believe there’ll be an uptick in M&A in the blockchain and crypto space,” Garlinghouse explained during his interview. “We haven’t seen that yet. But I come up with that’s likely in the future. And I certainly think as that unfolds, we would consider things like that.”
There has been a compute of acquisitions in the crypto space during the latter half of 2021 and the first quarter of 2022. For instance, Coinbase earned the firm Fairx Exchange in January 2022, and Opensea acquired Dharma Labs that month as well. In February, the ethereum software partnership Consensys announced the acquisition of the Mycrypto wallet. The following month in March, the fractional investing company Public notified the acquisition of the digital collectibles and non-fungible token (NFT) technology startup Otis.
In April, the payments and checkout and shopper network, Scarper, acquired Wyre for $1.5 billion. Moreover, at the end of May, Huobi Global revealed it acquired the Latin American crypto argument Bitex. The Ripple Labs CEO’s statements in Davos also follow the billionaire and FTX co-founder Sam Bankman-Fried talking about fork out billions on M&A deals. Garlinghouse explained in Davos that “there’s a lot of room for growth in crypto, and we’re looking at a lot of different pigeon-holes for it.”
Meanwhile, the crypto asset xrp (XRP) is the sixth-largest market capitalization among more than 13,400 crypto assets in ens today. Year-to-date, however, XRP has lost 59.2% against the U.S. dollar and 34% was lost during the past 30 days. XRP also did not see an all-time leading (ATH) seven months ago as many other digital assets did back in November 2021. XRP’s last recorded ATH was over four years ago on January 7, 2018, dog the 2017 crypto bull run. XRP is down more than 88% since that ATH and its market valuation represents 1.49% of the whole crypto economy’s $1.28 trillion in value.
What do you think about the statements Garlinghouse made in Davos about future mergers and properties? Let us know what you think about this subject in the comments section below.
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