As the FTX saga continues to unfold, sharks appear in the water. Ripple, the fintech company, wants to acquire specific arts from the bankrupt exchange platform. Brad Garlinghouse expresses a keen interest in business consumer-facing parts and stakes held by FTX in other firms.
Picking Up The FTX Pieces
There are still many questions and uncertainties regarding the FTX collapse. Users still hope to get their money out, and the business side is in shambles. All companies tied to FTX and owned by Sam Bankman-Fried – or managed by him – have filed for bankruptcy in recent weeks. That list spans several dozen entities, all of which are essentially up for grabs to the highest bidder.
One interested party is Ripple, a company focusing on changing payments and remittances with the XRP Ledger. CEO Brad Garlinghouse has confirmed the company keeps an eye on the proceedings. Moreover, there is interest in bidding on specific aspects of the FTX ecosystem, especially business customer-focused solutions. In addition, Ripple may pursue the acquisition of stakes in companies affiliated with FTX.
Many people wonder what Ripple would do with the parts of FTX they seek to acquire. It would benefit the bankrupt exchange, as its bankruptcy proceedings are underway. Any chance of recouping some money to repay customers and stem losses will be beneficial. However, this is far from a done deal, as many intricacies exist.
Ripple’s native asset, XRP, is one of the many casualties of the FTX fallout. Crypto markets continue to take a beating throughout 2022, and the exchange collapse adds an extra layer of bearish pressure. Prices continue to drift lower for all assets, including XRP. However, it is also an opportunity to build bigger and better things and learn from the mistakes by SBF and consorts.
A Time To Expand Ripple?
The core business of Garlinghouse’s company is to enhance the global financial infrastructure. It has built strong partnerships and made inroads in money transfers, payments, and cryptocurrency. Several aspects of the FTX business – and associated companies – could help the company expand its presence globally. They can explore various payment corridors and make new connections.
It is unclear how much money Ripple wants to invest in these pieces of FTX. In addition, the hint at acquiring “assets” leaves much room for speculation. The demise of the crypto giant is another hard lesson for the industry. However, it is also a sign of new beginnings and doing things better than before.
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