Ripple Funding Round Earns $200 Million
Ripple, one of the largest blockchain payment firms operating worldwide, has raised $200 million throughout its Series-C Funding Campaign. This funding round was maintained by Tetragon, an alternative asset investment firm. They confirmed that some of the most significant donations to the funding round came from Route 66 Ventures and SBI Holdings, which allowed for their campaign figure to be met relatively quickly.
The Chief Executive officer of Ripple, Brad Garlinghouse, spoke with reporters on this announcement. He 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 investment will allow the firm to draw new international talent further and better serve customers and partners, the firm said. The new stakeholders will further provide invaluable industry insight and expertise.”
Ripple’s Best Year to Date
The Ripple Network saw its best financial year to date, with its payment network exceeding more than 300 institutionalized clients. Another significant factor for the firm this year saw its partnership with MoneyGram, which saw them acquire a 10% stake of the remittance firm. Since that acquisition partnership, MoneyGram has assisted Ripple in cross-border settlements. Subsequently, profits for Ripple jumped by $66.24 million over the last twelve months.
2020 could be the flipside to that coin for Ripple, who will have to defend themselves in court. They are being sued for apparently maintaining an unregistered XRP security token. However, Ripple wants this case dismissed and said there’s no validating proof to indicate these claims are legitimate. Even with these claims, their investment spreads and profits continued to grow. It seems that nothing can stop the onslaught of Ripple.