Blockchain Firm Ripple Raises $200M USD In Series C Funding

Blockchain, Investing, News | December 23, 2019 By:

Distributed ledger firm Ripple has raised $200 million in a Series C financing round led by Tetragon with participation from SBI Holdings and Route 66 Ventures.

Ripple enables banks, payment providers, digital asset exchanges and corporates to send money globally using advanced blockchain technology. The company has been focused on improving cross-border payments and other money-transmitting activities using its own cryptocurrency XRP, which is currently worth $8.4 billion according to CoinMarketCap.

The latest funding, which puts Ripple’s valuation at $10 billion, will be used to expand Ripple’s developer platform Xpring and to hire new talent to help meet market demand.

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