Following the announcement of payments giant Visa acquiring Silicon valley fintech startup Plaid Ripple CEO Brad Garlinghouse expressed through a tweet that 2020 can expect to see more number of consolidations.
Indeed, acquisitions in 2020 have started with a bang. Earlier this month, popular payments app Paypal acquired Honey, a discount deal finder company, for a whopping four billion US dollars ($4 billion) in an attempt to boost its foothold and go neck and neck against crypto payments giant Square Inc.
Today, Visa announced that it had struck a five billion US dollars ($5.3 billion) deal with Plaid, the firm mostly known for its peer-to-peer payment app Venmo and mobile investment app Robinhood. The grand-scale acquisition, according to its CEO Al Kelly, is expected to help Visa expand its reach beyond payment cards.
The Visa-Plaid acquisition has undoubtedly got the industry’s who’s who talking about what this means for the payments industry, and needless to say, the remittance network creator and payment provider Ripple wasn’t going to hold back its opinion. Soon after the acquisition announcement, Ripple CEO Garlinghouse took to Twitter to share that 2020 can expect to see a lot of these acquisitions.
Ripple CEO wants fintech and crypto to merge
According to him, it is time cryptocurrency and fintech industry join forces to make a significant change. The tweet triggered many questions from XRP enthusiasts who asked the popular businessman if he is hinting at more acquisitions this year.
Acquisitions and consolidations appear to be the favorite talking point of Garlinghouse as he recently expressed that the cryptocurrency community should instead focus on quality than quantity. Per him, having three thousand plus cryptocurrencies is pointless, and the industry should rather place emphasis on migration to class in the coming year.
It also raked in around two hundred million US dollars ($200 million) from its Series C funding which not only got Ripple on board the ten billion US dollars ($10 billion) club but also gave an opportunity to bring about a massive boost to its adoption.
Naturally, the XRP community couldn’t help but ask the Ripple CEO whether the company is eyeing some grand-scale consolidations in 2020, following the massive capital injection to make big strategic moves to expand XRP ecosystem. For now, only time will tell if Ripple has a big purchase in the pipeline.
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