Ripple's CEO Says His Recent Deal Will Shake Crypto Markets Better Than Facebook's Libra

By Brawnd0 | CryptoLetter | 13 Aug 2019

Ripple CEO Brad Garlinghouse has offered Rupple enthusiasts something to be excited about, as he said that the company is looking to acquire more companies and invest in more as well. 

Garlinghouse was optimistic about how MoneyGram would impact the crypto market, saying,

This is a big deal. If I were betting now, a year from now the MoneyGram deal will have a more consequential impact on the crypto markets than the Libra white paper.

Ripple acquired a 10% stake in the second largest remittances company in early August for roughly $30 million. In a Q2 earnings call, MoneyGram also said that it would use Ripple’s xRapid product to facilitate commercial activity, another huge boost for Ripple. 

Certainly as far as enterprise level adoption is going, Ripple has been performing very well, having managed partnerships with several dozen banks around the world, as well as nabbing remittance partners like MoneyGram. On the whole, Ripple has received praise for its efforts to expand its ecosystem. Garlinghouse was optimistic here too,

[Ripple Labs is] probably the largest investor in blockchain and crypto on the planet. We’ve publicly announced we’ve made about $500m [of investments] in the space over the last 18 months.

Facebook’s Libra project has not noticeably affected the market yet - regulators around the world have showed extreme skepticism on the initiative, given Facebook’s sketchy track record with privacy and data, as well as the amount of influence the social media giant has. The token, which is expected to be launched next year, has also received criticism from the cryptocommunity for being an ineffective or pointless token.

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