Ripple has announced its acquisition of treasury and financial management system company GTreasury for $1 billion.

BlockBeats News, October 16, 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. With over forty years of experience, GTreasury provides financial operational support to globally recognized brands.

Ripple CEO Brad Garlinghouse stated: "For too long, funds have been trapped in slow, outdated payment systems and infrastructure, leading to unnecessary delays, high costs, and barriers to entering new markets — issues that blockchain technology is ideally positioned to solve. The combination of Ripple and GTreasury's capabilities will be a win-win, enabling finance and treasury teams to finally put trapped funds to work, process payments in real-time, and unlock new growth opportunities."