Ripple announces $1 billion acquisition of financial management system company GTreasury

ChainCatcher reported that Ripple announced the acquisition of financial management system company GTreasury for $1 billion. This transaction marks a significant expansion for Ripple, opening up the multi-trillion dollar corporate finance market and reaching numerous enterprise clients.

GTreasury has over forty years of experience providing financial operations support to globally renowned brands. Ripple CEO Brad Garlinghouse stated: "For a long time, capital has been trapped in slow, outdated payment systems and infrastructure, resulting in unnecessary delays, high costs, and barriers to entering new markets—problems that blockchain technology is ideally suited to solve. The combination of Ripple and GTreasury's capabilities will bring the best of both worlds, finally enabling finance and treasury teams to put trapped capital to work, process payments in real time, and unlock new growth opportunities."