Ripple Labs CEO Brad Garlinghouse visited the World Economic Forum in Davos. Garlinghouse talked about the company’s growth prospects and, despite the downturn in the crypto economy, he discussed future mergers and acquisitions.
Ripple Labs CEO Brad Garlinghouse said that he believes we are more likely to be the buyer during a Davos interview. Recently, RippleLabs executive Brad Garlinghouse stated to CNBC during an interview, that RippleLabs has a “very strong balance sheet.” Garlinghouse also mentioned Ripple’s possible participation in M&A deals. Ripple will be the buyer. Garlinghouse stated that “We are now at a stage in growth where I believe we’re more likely than the seller to buy.” Garlinghouse also stated that he anticipates a rise in M&A in blockchain.
Garlinghouse stated that he believes there will be an increase in M&A in blockchain and crypto. We have not yet seen this. However, I believe that it is likely in the near future. As that happens, I believe we will continue to think like that.”
There have been several acquisitions in the cryptocurrency space over the second half of 2021, and the first quarter 2022. In January 2022, Coinbase purchased Fairx Exchange, while Opensea bought Dharma Labs. Consensys , an ethereum software firm, announced its acquisition of Mycrypto. In March, fractional investing company Public announced that it had acquired Otis, a startup for non-fungible tokens (NFT) and digital collectibles.
In April, Bolt, , a payments and checkout network, purchased Wyre, for $1.5 billion. Huobi Global also announced that it had acquired Bitex, a Latin American crypto exchange, at the end May. In Davos, Ripple Labs CEO said the same thing as Sam Bankman-Fried, a billionaire and co-founder of FTX. He spoke about spending billions in M&A deals. Garlinghouse stated in Davos that there is a lot more room for growth in crypto and that he’s looking into a lot different niches.
The crypto asset xrp (XRP), has the sixth largest market capitalization of all the more than 13,400 crypto assets currently in existence. XRP has seen a loss of 59.2% year-to-date against the U.S. Dollar, and 34% in the last 30 days. XRP did not reach an all-time high seven months ago, as did many digital assets back in November 2021. XRP had its last recorded ATH on January 7, 2018, after the 2017 crypto bull market. XRP has fallen more than 88% from that ATH. Its market value represents 1.49% the total crypto economy’s $1.28 Trillion in value.