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Ripple secures $200 mn series C; becomes second most valuable crypto company

Ripple has seen its strongest year of growth to date in 2019.

December 24, 2019 / 08:20 PM IST

Ripple announce that it has secured USD 200 million in Series C funding—an investment that marks a record year for the business and further proves the value of blockchain technology in improving global payments and the broader utility of the digital asset XRP and the XRP Ledger.

This also makes Ripple the second most valuable crypto company, according to Messari agency.

The Series C was led by Tetragon with participation from SBI Holdings and Route 66 Ventures. These notable investors not only underscore Ripple’s long-term potential, but as partners, they offer invaluable industry insight and expertise to help Ripple’s business grow on a global scale.

“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019,” said CEO Brad Garlinghouse.

Ripple has seen its strongest year of growth to date in 2019. The company’s global payments network RippleNet grew to more than 300 customers worldwide and included a new strategic partnership with MoneyGram. Today, the network has customers in more than 45 countries and 6 continents, with payout capabilities in over 70 countries. This network momentum drove 10x year-over-year growth in transactions across the network and more banks and payment providers using XRP to source liquidity on demand than ever before.

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In addition, Ripple announced the next chapter for Xpring: the open developer platform for money. This platform offers tools, services and programs that make it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol (ILP)—removing the pain and friction from integrating money into apps.
Moneycontrol News
first published: Dec 24, 2019 08:20 pm

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