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 enterprise for managing cash, foreign exchange and risk, will become part of Ripple’s expanding suite of financial tools, the firm told CoinDesk on Thursday.
The acquisition is set to close in the coming months, subject to regulatory approvals, it added. The deal brings Ripple into direct contact with large treasury departments, many of which still rely on legacy systems to manage billions in liquidity, as the digital asset company works towards making its blockchain infrastructure central to how enterprises manage money.
“For too long, money has been stuck in slow, outdated payments systems and infrastructure, causing unnecessary delays, high costs, and roadblocks to entering new markets — problems that blockchain technologies are ideally suited to solve,” Ripple CEO Brad Garlinghouse said in a statement.
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