Ripple 200m series tetragon 10b free#

Led by CEO Brad Garlinghouse, Ripple operates RippleNet, a global, blockchain powered payments network that has grown to more than 300 customers in more than 45 countries including a strategic partnership with MoneyGram.īy joining RippleNet, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. The company intends to use the funds to expand operations, the adoption of its technology and of the digital asset XRP and the XRP Ledger, and of Xpring. The round was led by Tetragon with participation from SBI Holdings and Route 66 Ventures. As with all such advisory services, past results are never a guarantee of future results.Ripple, a San Francisco, CA-based blockchain fintech company focused on improving global payments, raised $200m in Series C funding. EconoTimes expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. Past performance is no guarantee of future results and EconoTimes specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Brokerage. None of the blogs or other sources of information is to be considered as constituting a track record. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. Last year, it sold $260 million worth of the cryptocurrency.ĭisclaimer: EconoTimes provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. The company revealed that a large chunk of its income comes from selling some of its massive XRP holdings. Large volumes of money transfers in Australia dollars and Philippine pesos are done using XRP and the company is currently testing its use for transfers in Brazilian real. Garlinghouse also noted that people have been using XRP for transfers in other parts of the globe. Moneygram is already a Ripple customer and 15 percent of money transfer to Mexico is now done using XRP.

Ripple 200m series tetragon 10b free#

One of the major advantages of using XRP for cross-border settlements it that companies could free up capital that they would otherwise have placed in banks as reserves. He also expects transaction volume on the network to increase by more than 600 percent. Garlinghouse revealed his optimistic outlook for 2020 and said he expects Ripple’s current customer base of more than 300 to grow between 30 to 40 percent next year. “As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” “We are in a strong financial position to execute against our vision,” Ripple CEO Brad Garlinghouse said. The $200 million funding shows that investors are confident of XRP’s potential in facilitating cross-border transactions that some are calling it the “blockchain-based alternative to Swift.” The company has been wooing financial institutions to use XRP as a “bridge currency” for cross-border transactions, Fortune reported. While XRP’s price has declined from its 2017 all-time high, it has already entrenched itself as the third-largest digital currency by market capitalization after Bitcoin and Ethereum based on data from CoinMarketCap. The company was founded in 2012 and saw the value of its cryptocurrency XRP soar during the 2017 crypto market rally. Virginia-based Route 66 Ventures as well as Japanese company SBI Holding also participated.

The round was led by Tetragon, a New York-based investment firm. Ripple successful raised $200 million in the recent fundraising, CNBC reported. Buoyed by the recent capital infusion, the blockchain start-up is now valued at $10 billion. Ripple’s market valuation just got a major boost after a successful round of funding.