Ripple, the blockchain company closely linked to the XRP Ledger (XRP) network, is buying treasury software provider GTreasury for $1 billion, pushing deeper into corporate finance.
GTreasury’s treasury platform, used by Fortune 500 companies to manage cash, currency 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 major finance departments, many of which still rely on legacy systems to manage billions in cash, as the digital asset company works to make its blockchain infrastructure central to how businesses manage money.
“For too long, money has been stuck in slow, outdated payment systems and infrastructure, causing unnecessary delays, high costs and roadblocks to entering new markets – problems that blockchain technologies are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.
“Ripples and GTreasury’s capabilities bring together the best of both worlds, so treasury and finance teams can finally put their pent-up capital to work, process payments instantly and unlock 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 supported by digital assets and blockchain technology.
The firm rolled out its US dollar stablecoin last year, which swelled to over $840 million in supply available on the XRP Ledger (XRP) and Ethereum.
Ripple also offers custody services for digital assets via its institutional custody division, born out of the acquisition of Swiss crypto specialist Metaco.
The GTreasury deal is set to be Ripple’s third acquisition this year of 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 the building blocks of a full-stack crypto-powered financial platform.
Read more: Ripple CEO bashes Wall Street Bank opposition to Fed Master Accounts for Crypto
