Ripple's Investment Strategy Urged by Former Director

June 9, 2024 at 02:38 PM GST 2 mins read News

Sean McBride urges Ripple to invest its funds in acquiring another company to “reinvest, build, and repeat.”
Ripple’s new partnerships with Santander, CIBC, Kotak Mahindra Bank, and Itaú Unibanco boost cross-border transactions.
Whale Alert tracks Ripple’s transfer of 150 million XRP ($78.2 million) to an unregistered wallet, sparking community speculation.

Former Ripple Director Sean McBride has urged the FinTech firm to acquire another company. In one of his recent posts on X, McBride asked Ripple to activate an investment cycle using the funds it is sitting on. The former director said Ripple should: “reinvest, build, and repeat.”

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Ripple needs to acquire another company. Spend some of that money instead of sitting on it for no apparent reason. Reinvest, build, repeat.
— Sean McBride (@seanmcbride16) June 7, 2024

Ripple’s new partnerships recently reached agreements in various regions. Reports confirmed that the FinTech giant had collaborated with Santander (UK), CIBC (Canada), Kotak Mahindra Bank (India), and Itaú Unibanco (Brazil) to streamline cross-border transactions.

Increased Activity on XRP Ledger

Meanwhile, the firm’s new partnerships accelerated user activity on the XRP Ledger and resulted in a surge in transaction numbers from the past year. After the partnerships, Ripple Chief Technology Officer (CTO) David Schwartz hinted at possible ways decentralized finance protocols could be integrated with TradFi institutions.

The crypto tracking service Whale Alert recently spotted a significant XRP transaction from Ripple. The firm reportedly moved 150 million XRP coins to an unregistered blockchain wallet. The transaction’s fiat value was roughly $78.2 million at the time Whale Alert reported. Whale Alert did not cite any reason for Ripple to make such a massive transfer.

This has left people inquiring, more so for the crypto communities keenly following the case between Ripple and the U.S. Security and Exchange Commission. Many hope for a rise in XRP’s value, including McBride, whose recent post suggested he holds a significant amount of the altcoin. He mentioned looking forward to XRP realizing its actual value, allowing him to focus on his family and other non-business-related activities.