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Crypto company Ripple has agreed to acquire treasury management company GTreasury for $1 billion in cash and equity, the companies announced Thursday.

Why it matters: Crypto companies are becoming viable buyers of traditional financial tech companies.

Driving the news: Founded in 1986, Hg-backed GTreasury acts as a cash and payment hub for companies.

Silicon Valley Bank's collapse in 2023 increased demand for corporate cash management. At the same time, investors have poured into companies that can handle complex corporate payments and give insight into a company's overall finances. 

GTreasury customers include American Airlines, Trinet, Volvo and Subway.

It was valued at around $410 million in 2023, per a source.

The big picture: Ripple CEO Brad Garlinghouse believes GTreasury can be a gateway for getting corporate customers into crypto.

Alongside its current products, GTreasury could start offering tokenized deposits and crypto treasury services — with a preference toward Ripple's stablecoin, RLUSD. 

Companies also could have the option to complete payments then via Ripple's blockchain, rather than ACH.

That comes as some early-adopters like MicroStrategy hold part of the treasury in bitcoin or other cryptocurrencies, a high-risk strategy that is currently paying off with the asset near all-time highs.

What they're saying: The acquisition is "reflective of the fact that we are in the middle of a massive shift in U.S. policy," says Garlinghouse, pointing to the GENIUS Act. "2027 is going to be a huge unlock for stablecoins."

Between the lines: Venture capitalists have been expecting increased consolidation in the CFO suite space with plenty of point solutions.

But potential buyers rumored in the space have largely been larger B2B players, both in the private and public sphere — not crypto companies.

Ripple to buy private equity-backed GTreasury for $1B

Crypto companies are becoming viable buyers of traditional financial tech companies.

Illustration of pixelated coins inside of a treasure chest. 

Crypto company Ripple has agreed to acquire treasury management company GTreasury for $1 billion in cash and equity, the companies announced Thursday.Why it matters: Crypto companies are becoming viable buyers of traditional financial tech companies.

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Ripple to buy private equity-backed GTreasury for $1B

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