While visiting the World Economic Forum (WEF) event in Davos, Ripple Labs CEO, Brad Garlinghouse discussed the firm’s growth opportunities and despite the crypto economy’s downturn, Garlinghouse spoke about future mergers and acquisitions.
“I think we are more likely to be the buyer,” Ripple Labs CEO Brad Garlinghouse said during an interview in Davos.
Just recently at the WEF conference in Davos, Ripple Labs executive Brad Garlinghouse told CNBC in an interview that Ripple Labs has “a very strong track record.” Garlinghouse spoke about the possible participation of Ripple Labs in merger and acquisition (M&A) agreements and Ripple Labs will be the buyer. “We are now at a stage of growth where I think we are more likely to be the buyer than the … seller,” Garlinghouse told CNBC author Arjun Kharpal. Garlinghouse further noted that he expects to see an increase in mergers and acquisitions in the blockchain industry.
“I think 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 think that’s likely in the future. And I certainly think as that unfolds, we would consider things like that.”
There have been a number of acquisitions in the crypto space during the second half of 2021 and the first quarter of 2022. For example, Coinbase acquired the company Fairx Exchange in January 2022, and Opensea also acquired Dharma Labs that month. In February, Ethereum software company Consensys announced the acquisition of the Mycrypto wallet. The following month, in March, fractional investment firm Public announced the acquisition of digital collectibles and non-fungible token (NFT) tech startup Otis.
In April, the payments and checkout and shopper network, Bolt, acquired Wyre for $1.5 billion. Moreover, at the end of May, Huobi Global revealed it acquired the Latin American crypto exchange Bitex. The Ripple Labs CEO’s statements in Davos also follow the billionaire and FTX co-founder Sam Bankman-Fried talking about spending 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 niches for it.”
Meanwhile, the crypto asset xrp (XRP) is the sixth largest market capitalization out of over 13,400 crypto assets in existence today. Year-to-date, however, XRP has lost 59.2% against the US dollar and 34% over the past 30 days. XRP also did not experience an all-time high (ATH) seven months ago, unlike many other digital assets in November 2021. XRP’s last recorded ATH was over four years ago on January 7, 2018, at the aftermath of the 2017 crypto bull run. XRP is down over 88% since the ATH and its market valuation is 1.49% of the $1.28 trillion value of the whole world. crypto economy.
