BREAKING: Ripple CEO Reacts to Company's $1 Billion Acquisition

Enterprise blockchain firm Ripple has acquired GTreasury, a company specializing in treasury management, for $1 billion.

The deal will give Ripple a much-coveted foothold in the corporate treasury market, which manages trillions of dollars on a daily basis.

Ripple CEO Brad Garlinghouse has already taken to the X social media network to comment on the news, stating that "astounding amounts of cash are trapped in outdated payment systems." With the latest acquisition, the company will help chief financial officers (CFOs) manage their cash, Garlinghouse says.

"The opportunity is here, and we’re diving right in. It’s happening!" the executive exclaimed.

Unlocking trapped capital

Ripple President Monica Long claims that there is an opportunity to potentially unlock trillions in trapped capital for corporate players.

Corporations will have an opportunity to earn yield on their assets by deploying into the global repo market with the help of Hidden Road, the prime brokerage firm that was acquired by Ripple for $1.25 billion back in April.

"I'm excited for Ripple and GTreasury to help corporates move money around the world faster, cheaper, 24/7/365, and actively manage and grow their money through safe, more efficient solutions," Long said while commenting on the announcement.

Big-name clients

GTreasury, which has been around for four decades, has such big-name clients as American Airlines and Hitachi.

It allows companies to have centralized control over their cash and liquidity while also making it possible to forecast future cash needs.