Two leading cryptocurrency companies, Ripple and FTX, said they are on the lookout for lucrative acquisitions as the entire crypto industry looks to fuel its growth by buying other companies, CNBC writes.

Brett Harrison, president of cryptocurrency exchange FTX U.S., said he is looking for companies to help his exchange gain more users and regulatory licenses because his company is in a “very good position from a capital and cash standpoint and is looking to secure potential opportunities in the market for mergers and acquisitions.”

In 2020, FTX acquired trading platform Blockfolio, which helped it attract more users. FTX is also interested in brokerage startups that can be acquired to further advance in stock trading.

Last year, FTX U.S. bought LedgerX, a futures exchange that had multiple licenses from US regulators.

“We do this all over the world, in Japan, Australia, Dubai, different places where we can either partner with local companies or sometimes make acquisitions to get the licenses we need,” Harrison said

And Brad Garlinghouse, CEO of cross-border payments company Ripple, said the company has a “very strong balance sheet”, predicting an increase in mergers and acquisitions in the crypto industry.

“I think there will be a surge in mergers and acquisitions in the blockchain and crypto space. We haven’t seen this yet. But I think this is possible in the future. We are now at a stage of growth where we are more likely to be a buyer than a seller,” he added.

This is a sign that some crypto firms now consider themselves large and well-capitalized enough to spend money on acquisitions.

It is also worth noting that M&A activity in the cryptocurrency space has increased sharply in 2021, with the total value of such transactions reaching more than $55 billion, up from $1.1 billion in 2020. This coincided with a surge in cryptocurrencies that lifted Bitcoin to an all-time high last November. But then cryptocurrencies collapsed. Bitcoin is about 55% below its all-time high of $68,990.90, according to CoinDesk.

Falling cryptocurrency prices and possibly valuations of crypto companies could make some such acquisitions attractive to larger players.