Ripple announced $200 million in Series C funding—”an investment that marks a record year for the business and further proves the value of blockchain technology in improving global payments and the broader utility of the digital asset XRP and the XRP Ledger.”, according to the press release.
The Series C was led by Tetragon with participation from SBI Holdings and Route 66 Ventures. „These notable investors not only underscore Ripple’s long-term potential, but as partners, they offer invaluable industry insight and expertise to help Ripple’s business grow on a global scale.”, the company said.
“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,” said CEO Brad Garlinghouse.
Ripple has seen its strongest year of growth to date in 2019. The company’s global payments network RippleNet grew to more than 300 customers worldwide and included a new strategic partnership with MoneyGram.
Today, the network has customers in more than 45 countries and 6 continents, with payout capabilities in over 70 countries. 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.
In addition, Ripple announced the next chapter for Xpring: the open developer platform for money. This platform offers tools, services and programs that make it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol (ILP)—”removing the pain and friction from integrating money into apps”.
Ripple’s Series C is just one moment along the company’s journey to change the way the world moves money. „Ultimately, this investment supports Ripple’s broader vision for the Internet of Value (IoV) to enable the world to move value like information moves today—a global problem, with far-reaching implications.”, the company added.
„Though Libra has met with fierce resistance from central banks and supervisory authorities and might never see the light of day, in many other cases tech firms (both start-ups and established big players) have successfully captured bits and pieces of universal banks’ traditional value chain. This trend may only intensify in the coming years. In this environment, European banks remain squeezed.”