Brad Garlinghouse: Ripple Has Its Eyes Set on Some of FTX’s Businesses

| Updated
by Steve Muchoki · 3 min read
Brad Garlinghouse: Ripple Has Its Eyes Set on Some of FTX’s Businesses
Photo: Depositphotos

Ripple can perhaps acquire Ledger Holdings Inc from FTX at a lower price to help in its XRPL development plan.

Ripple Inc, a leading blockchain technology company, is reportedly interested in some of the assets of the bankrupt FTX exchange. According to Ripple chief executive officer Brad Garlinghouse, the former FTX CEO Sam Bankman-Fried contacted for a capital round two days before filing for bankruptcy. It was revealed during a sideline interview with reporters at Ripple’s Swell conference in London.

Ripple CEO Garlinghouse Shared His Opinion on the FTX Business

However, Ripple CEO Garlinghouse has indicated that the bankruptcy proceedings, which have no set-out timelines, have changed the narrative on business acquisition. Moreover, the FTX business and its subsidiaries are under the control of the United States judicial system.

“Part of my conversation was if he needs liquidity, maybe there are businesses that he has bought or he has that we would want to own […] Would we have bought some of those from him? I definitely think that was on the table,” he said.

Notably, FTX had made strategic acquisitions since its inception, including the purchase of Ledger Holdings Inc., the parent company of LedgerX LLC. Ripple can perhaps acquire Ledger Holdings Inc from FTX at a lower price to help in its XRPL development plan.

Ripple and the Crypto Market Outlook

Ripple is fighting major headwinds to help the cryptocurrency industry get clear regulations in the United States and elsewhere. For one, the company’s case with the SEC on XRP sales has 12 crypto companies, which successfully filed for amici briefs. Nevertheless, Ripple’s deep liquidity continues to help it scale its international businesses.

Moreover, Ripple controls almost half of the XRP in circulation and sells at monthly intervals. According to our latest crypto price oracles, XRP has a market capitalization of approximately $17,762,447,833 with a 24-hour trading volume of around $1.4 billion. Additionally, the company’s financial products have been subscribed to by hundreds of key companies from different continents.

The crypto market has continued to shrink since hitting ATH late last year. The total cryptocurrency market capitalization has dropped to approximately $830 billion from $3.2 trillion in a year. Crypto hacks and rug pulls have been identified by onchain studies as key contributors to the ongoing market winter.

As such, regulators globally have taken a keen interest in blockchain businesses following the FTX collapse. For instance, Australia has reportedly revoked FTX operating licenses while more investigations take place in the Bahamas.

The bleeding in the crypto market is expected to continue in the coming months, with some strategists forecasting Bitcoin will trade sub $10k. Moreover, Grayscale’s GBTC exchanged for less than $10k on Friday to institutional clients.

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Steve Muchoki

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