CNBC, one of the leading financial outlets, has stated that blockchain firm Ripple Labs is currently in the process of “conquering” crypto.
The media outlet has pointed to Ripple’s acquisition spree, which includes treasury management firm GTreasury.
During the recent Swell event, Ripple also announced that its valuation had soared to $40 billion after the company wrapped up a mammoth $500 million funding round that had Mike Novogratz’s Galaxy Digital among the participants.
In a recent CNBC interview, Garlinghouse told CNBC that Ripple wants to get ahead of the market by bridging crypto with traditional finance.
“We have aggressively leaned in and made multiple multi-billion dollar acquisitions… we’ve always tried to be that bridge between a decentralized financial world and the centralized or traditional financial world,” the Ripple CEO said.
Major roadblock
That said, Garlinghouse says that it is challenging for traditional institutions to adopt crypto due to insufficient regulatory clarity.
The high-stakes market structure bill has stalled in the Senate, and some industry analysts now believe that the odds of the bill passing this year are rather low.
Garlinghouse hopes that the legislation will provide clarity around what a digital asset is and what qualifies as a security.