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‘I believe we’re more likely to be the buyer,’ said Ripple Labs CEO Brad Garlinghouse in a Davos interview.
During his visit to the World Economic Forum (WEF) event in Davos, Ripple Labs CEO Brad Garlinghouse outlined the company’s development potential, as well as possible mergers and acquisitions, despite the crypto economy’s collapse.
Likely to be the buyer than a seller
Ripple Labs chief Brad Garlinghouse recently told CNBC during the WEF conference in Davos that the company had “a very robust cash sheet.”
Ripple Labs may participate in merger and acquisition (M&A) agreements, according to Garlinghouse, and Ripple Labs will be the buyer. “We’ve reached a point in our development where I believe we’re more likely to be the buyer than the… seller,” says the CEO.
Garlinghouse told author Arjun Kharpal of CNBC. Garlinghouse also predicted that the blockchain business will witness more investments.
During his interview, Garlinghouse stated, “I believe there will be an upsurge in M&A in the blockchain and crypto industry.”
“That’s something we haven’t seen yet.” But I believe that will happen in the future. And I’m sure we’ll think about stuff like that as the situation develops.”
Several different purchases
The fractional investment firm Public announced the acquisition of the digital collectibles and non-fungible token (NFT) technology business Otis the next month, in March.
Several purchases were made in the crypto industry in the second half of 2021 and the first quarter of 2022.
Coinbase bought Fairx Exchange in January 2022, while Opensea bought Dharma Labs in the same month.
Consensys, an Ethereum software business, announced the purchase of the Mycrypto wallet in February.
Bolt, payments, checkout, and shopper network, bought Wyre for $1.5 billion in April. Huobi Global also announced the acquisition of Bitex, a Latin American crypto exchange, at the end of May.
The Ripple Labs CEO’s comments at Davos come after billionaire and FTX co-founder Sam Bankman-Fried talked about spending billions on mergers and acquisitions.
“There’s a lot of space for development in crypto,” Garlinghouse said in Davos, “and we’re looking at a number of different niches for it.”
Meanwhile, among the more than 13,400 crypto-assets in existence today, xrp (XRP) has the sixth-largest market value.
XRP, on the other hand, has lost 59.2 percent versus the US dollar this year, and 34 percent in the last 30 days. Also, unlike many other digital assets, XRP did not reach an all-time high (ATH) seven months ago, in November 2021.
Following the 2017 crypto bull run, XRP’s last reported ATH occurred on January 7, 2018, more than four years ago.
Since then, XRP has lost more than 88 percent of its value, accounting for 1.49 percent of the $1.28 trillion in value of the whole crypto ecosystem.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
