Crypto News: Ripple to Ramp Up Investments; Mastercard’s Blockchain Hiring Spree

The crypto industry is a dynamic landscape. New alliances are constantly being formed as companies seek to gain ground on the competition. But allies can also become adversaries, and businesses must invest in the technology and talent that can help them adapt to new developments and shifting trends.

In recent weeks, several powerful enterprises have made it known that they plan to invest aggressively to strengthen their competitive position within the rapidly expanding blockchain industry. In this regard, the following announcements are particularly noteworthy.

Image source: Getty Images.

Ripple’s growth-through-acquisition strategy

Cryptocurrency giant Ripple is on the hunt for more deals. CEO Brad Garlinghouse told Yahoo! Finance UK that the company is considering multiple potential acquisitions and investment opportunities as a means to boost the usage of its payments technology and XRP cryptocurrency token.

“Anything we can do to accelerate our growth and give us more capabilities that serve customer needs is a good place to be,” Garlinghouse said.

Ripple is flush with cash from sales of its XRP tokens to exchanges and other financial institutions. Ripple still owns more than half of the total supply of the international payments-focused cryptocurrency — a stake worth approximately $15 billion. Most of the tokens are locked in escrow, but Ripple sells some on a regular basis, including more than $250 million worth of XRP in the second quarter.

In June, Ripple invested $30 million in MoneyGram International (NASDAQ:MGI) in exchange for a 10% stake in the money-transfer company, along with an option to invest another $20 million in the future. As part of the deal, Moneygram agreed to use Ripple’s xRapid product and XRP cryptocurrency to facilitate international payments…

Source Link