Ripple – one of the leading cryptocurrency and blockchain tech firms in the world revealed the results of its Series C funding round in a recent announcement. As per the statement released by the firm, the crypto giant managed to score a funding of US$200 million in its latest funding round. The funding round saw participation from several leading players in the market such as SBI Holdings and Route 66 Ventures and the funding round was led by Tetragon.
While this is a noteworthy achievement for the firm in its own right, the firm speaks of this achievement as more of just adding one more feather to its cap revealing that it has achieved considerable milestones and achievements earlier this year in what it calls “strongest year of growth to date”. Another one such major achievement for the firm this year was its strategic partnership with Money Gram it signed in June earlier this year.
The firm views the success of its recent funding round as a positive sign to close a record year and also states that it further proves the value of blockchain technology in improving global payments and the broader utility of its digital asset XRP & XRP Ledger. Aside from the investment, the firm stated that the participation of notable investors underscores the firm’s long term potential and that it also gains invaluable industry insight and expertise from the investors given their status as partners in order to further grow its business on a global scale.
Commenting on the funding round, Brad Garlinghouse – Chief Executive Officer of Ripple 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”.
As per the statement from the firm, the firm achieved its strongest growth to date via several verticals. Firstly, the company’s global payments network RippleNet grew to more than 300 customers worldwide while its partnership with MoneyGram is also viewed as a venue that helped in its growth and expansion.
Currently, the firm claims that its network has customers in more than 45 countries and 6 continents with payout capabilities in over 70 countries. This network momentum helped the firm in driving a 10x year over year growth in transactions across the network and more while banks and payment providers which used XRP to source liquidity on demand also saw a historic increase. The firm also revealed plans to use funds from the investment to expedite its process of onboarding new global talent to meet market demands and better serve its growing community of customers and partners.