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Ripple raises $200 million in Series C funding



Source: Pixabay

Ripple announced raising $200 million Series C funding, led by Tetragon with participation from SBI Holdings and Route 66 Ventures. This investment set a record for the company and affirmed the value of blockchain in improving global payments. SBI Holdings’ partnership with Ripple has been cemented through its venture, ‘SBI Ripple Asia’ to fuel ODL payments across the continent. According to the blog post published by Ripple, the two companies have helped Ripple’s business to grow globally.

Ripple’s CEO, Brad Garlinghouse commented on the investment:

“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.”

With $200 million funding, Ripple is expected to expedite the company’s “on-boarding of new global talent to meet the market demands” and to better its services.

2019 has been an important year for Ripple and XRP. With Ripple leading the charge of XRP adoption and partnering with financial institutions, RippleNet reached to over 300 customers around the world. After partnering with MoneyGram, Ripple noted its customer reach increasing to 45 countries and 6 continents, with payout capabilities in almost 70 countries. The post added:

“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.”

Recently, Ripple made its final payment to MoneyGram and bought $20 million of its equity at a price of $4.10 per share. As the deal came to completion, Ripple now owns under 10 percent of MoneyGram’s outstanding common stock and almost 15% “on a fully-diluted basis including non-voting warrants.”

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Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.