Ripple, the blockchain company closely associated with the XRP Ledger (XRP) network, is acquiring treasury software provider GTreasury for $1 billion, deepening the corporate finance sector.
GTreasury’s treasury platform, used by Fortune 500 companies to manage treasury, foreign exchange and risk, will be part of Ripple’s growing suite of financial tools, the company told CoinDesk on Thursday. The acquisition is expected to be completed in the coming months, subject to regulatory approvals, it added.
The deal puts Ripple in direct contact with large treasury departments, many of which still rely on legacy systems to manage billions in cash, as the digital asset company works to put its blockchain infrastructure at the heart of how businesses manage money.
“For too long, money has been stuck in slow and outdated payment systems and infrastructure, causing unnecessary delays, high costs, and barriers to entering new markets – problems that blockchain technologies are uniquely suited to solve,” Ripple CEO Brad Garlinghouse said in a statement.
“Ripple and GTreasury’s capabilities bring together the best of both worlds, so treasury and finance teams can finally put their trapped capital to use, 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 company rolled out its US dollar stablecoin last year, which inflated the available supply on XRP Ledger (XRP) and Ethereum by more than $840 million.
Ripple also offers digital asset custody services through its institutional custody arm, born from the acquisition of Swiss crypto specialist Metaco.
The GTreasury deal is expected 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, part of a coordinated effort to build the building blocks of a comprehensive crypto-powered financial platform.
Read more: Ripple CEO Slams Wall Street Bank’s Opposition to Fed Master Accounts for Crypto
