Bradley Kent Garlinghouse, the CEO of Ripple Labs, an American technology company that provides crypto solutions for businesses has stated that his firm is interested in buying a part of the failed FTX exchange.
According to a news report from THE SUNDAY TIMES, Garlinghouse stated his intentions about purchasing FTX’s components that are catered to commercial users. He added that Ripple is also interested in other firms that made up the vast portfolio of the FTX cryptocurrency empire. It is worth noting that FTX had partnerships with over 100 businesses.
If Ripple successfully buys part of the collapsed FTX exchange, the purchase would make it possible for Garlinghouse to strategically scale the business, which intends to keep growing despite the current bear market.
FTX eventually collapsed this month after it failed to get investors to inject cash into the business. Former CEO, Sam Bankman-Fried told investors that the firm would have to file for bankruptcy protection in the United States if it could not generate the funds that are needed for the business to continue its operations.
Sam Bankman-Fried included Garlinghouse among the individuals he requested funds from before filing for bankruptcy protection. Garlinghouse stated that during the conversation with Bankman-Fried, he mentioned the possibility of buying some businesses from Bankman-Fried if he needs cash.
Ripple Seeks Presence in the European Union
Ripple uses blockchain technology to assist financial institutions in moving money around the globe. Ripple has over 750 staff globally, with about half of them headquartered in the United States.
Ripple Labs is seeking to expand its reach in the European Union (EU) because it is no longer generating a large amount of its income from the United States due to a fallout with the U.S. Securities and Exchange Commission (SEC).
A report from CNBC stated that Ripple is looking to obtain a Virtual Asset Service Provider (VASP) license from the Irish Central Bank so that it can carry out its services across the European Union through a body that is located there.
In October, Ripple also announced a partnership with Lemonway, a payment provider for online markets in Paris, France. Additionally, Ripple revealed a second new ODL (On-Demand Liquidity) client known as Xbaht, its first in Sweden as the demand for Ripple’s products in Europe becomes intense.
