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 Enterprises for Cash, Foreign Exchange and Risk Management, will be part of Ripple’s expansion of financial tools, the firm told Coindesk on Thursday. The acquisition is set to close in the coming months, subject to regulatory approval, it added.
The deal brings ripples in direct contact with major Treasury departments, many of which still rely on legacy systems to manage billions in liquidity, as the digital asset company works toward making blockchain infrastructure central to how businesses manage money.
“For too long, money has been stuck in slow, out-of-date payment systems and infrastructure, causing unnecessary delays, high costs, and barriers to entering new markets – problems that blockchain technologies said in a statement.
“The capabilities of Ripple and Gtreasury 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 new growth opportunities,” he added.
Ripple’s acquisition
Ripple, known for its cross-border payment network, is increasingly positioning itself as a broader financial service infrastructure provider backed by digital assets and blockchain tech.
The firm rolled out US Dollar StableCoin last year, growing more than $840 million available on the XRP ledger (XRP) and Ethereum.
Ripple also offers custody services for digital assets through its institutional custody arm, born from the acquisition of Swiss crypto specialist Metaco.
The gtreasury deal set to be Ripple’s third acquisition this year multi-asset prime broker hidden road for $ 1.25 billion and stablecoin payment rail platform of $ 200 million, as part of a coordinated effort to form the building blocks of a full-stack crypto-powered platform.
Read more: Ripple CEO Bashes Wall Street Bank Opposition of Fed Master Accounts for Crypto
