Cryptocurrency Firm Ripple Reaches $10 Billion Valuation After $200 Million Raise
San Francisco-based Ripple secures a $200 million Series C funding round led by Tetragon, pushing its valuation to $10 billion. The new capital aims to validate XRP as a legitimate bridge currency for global financial institutions.
Ripple raises $200 million in a Series C funding round led by Tetragon, bringing the San Francisco-based company's valuation to $10 billion. The investment round, which also includes backing from SBI and Route 66 Ventures, provides the cryptocurrency firm with significant balance sheet flexibility as it pushes to make XRP a standard for international money transfers.
The company currently serves over 300 customers, including MoneyGram, which uses XRP for 15% of its transfers into Mexico. CEO Brad Garlinghouse expects the customer base to grow by 30 to 40 percent in 2020 and anticipates a massive 600 percent increase in transaction volume across the network as more institutions adopt the digital asset as a bridge currency.
Ripple plans to use the new funding to hire up to 150 additional employees and open new overseas offices. While the company generates revenue by licensing its money transfer software, its core strategy remains focused on driving widespread adoption of XRP, a move that boosts the value of the massive cryptocurrency reserves the company holds.