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Ripple, the blockchain firm closely associated with the XRP Ledger (XRP) network, is acquiring treasury software provider GTreasury for $1 billion, pushing deeper into corporate finance.
GTreasury’s treasury platform, used by Fortune 500 enterprise for managing cash, foreign exchange and risk, will become part of Ripple’s expanding suite of financial tools, the firm told CoinDesk on Thursday. The acquisition is set to close in the coming months, subject to regulatory approvals, it added.
The deal brings Ripple into direct contact with large treasury departments, many of which still rely on legacy systems to manage billions in liquidity, as the digital asset company works towards making its blockchain infrastructure central to how enterprises manage money.
“For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets — problems that blockchain technologies are ideally suited to solve,” Ripple CEO Brad Garlinghouse said in a statement.
“Ripple’s and GTreasury’s capabilities together bring the best of both worlds, so treasury and finance teams can finally put their trapped capital to work, process payments instantly, and open up new growth opportunities,” he added.
Ripple’s acquisition spree
Ripple, best known for its cross-border payments network, is increasingly positioning itself as a broader provider of financial services infrastructure underpinned by digital assets and blockchain tech.
The firm rolled out its U.S. dollar stablecoin last year, which swelled over $840 million in supply available on XRP Ledger (XRP) and Ethereum.
Ripple also offers custody services for digital assets via its institutional custody arm, born out of the acquisition of Swiss crypto specialist Metaco.
The GTreasury deal set to be Ripple’s third acquisition of this year multi-asset prime broker Hidden Road for $1.25 billion and stablecoin payments platform Rail for $200 million, as part of a coordinated effort to build out the building blocks of a full-stack crypto-powered finance platform.
Read more: Ripple CEO Bashes Wall Street Bank Opposition of Fed Master Accounts for Crypto
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