Ripple Secures $200 Million Series C, Reaches $10 Billion Valuation
Blockchain startup Ripple raises $200 million in a Series C round led by Tetragon to expand its cross-border payment network. The funding brings the company's valuation to $10 billion as it continues to onboard financial institutions to RippleNet.
Ripple raises $200 million in a Series C funding round led by Tetragon, with participation from SBI Holdings and Route 66 Ventures. The new investment pushes the blockchain startup's valuation to $10 billion, highlighting strong financial backing as competitors in the crypto space struggle or shut down. CEO Brad Garlinghouse emphasizes that the company accelerates its industry leadership and momentum throughout the year.
The startup focuses on improving cross-border payments using XRP, the third-largest cryptocurrency by market capitalization with a current value of $8.4 billion. While XRP operates as a decentralized digital asset on the XRP Ledger, Ripple holds a significant portion of the tokens and sells them strategically, generating $66.24 million in XRP sales during the third quarter of 2019 alone.
Ripple positions XRP as a faster and cheaper alternative to traditional foreign exchange solutions for international money transfers. The company actively convinces financial institutions to adopt its RippleNet network, which currently serves 300 customers. As part of this expansion strategy, Ripple takes a 10% stake in MoneyGram to facilitate the money transfer company's transition to the RippleNet platform.