Ripple raises $200 million to advance global payments

Ripple CEO on speaking trail, but draws criticism for rewriting XRP history

Ripple has recently raised $200 million in what is the company’s Series C round, reports Tech Crunch. The leading investor in this funding round is Tetragon, followed by Route 66 Ventures and SBI Holdings. Ripple is now valued at around $10 billion.

This is what Brad Garlinghouse, the CEO of Ripple stated:

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.

The top priority for Ripple right now is to improve cross-border payments and every other money-transmitting feature that uses XRP. Right now, XRP is the third largest cryptocurrency in terms of market cap, just behind Bitcoin and Ethereum.

According to CoinMarketCap, XRP is currently standing at $8.4 billion. Tech Crunch reminds us that even though XRP is a decentralized digital coin, the company Ripple controls a substantial portion of the total market cap of the currency. For example, in Q3 of 2019, Ripple sold approximately $67 million in XRP.

Ripple was even rumoured to be the official crypto of the next Olympic Games. It is no doubt that the currency is valued by multiple financial institutions around the world, especially those engaging in large cross-border payment transactions. Ripple is trying to convince more financial institutions to go to RippleNet as their currency for international payments.

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