Taking pride in being one of the strongest cryptocurrency payment protocol and digital currencies exchange platforms, Ripple has proudly announced that it has pooled in $200 million funds through an investment round and this has made its value touch the whopping mark of $10 billion. The globally reputed firm will employ the funds collected to serve its burgeoning blockchain community comprising of investors, customers, and partners.
According to the official statement released by Ripple, the investment round was chaired by Tetragon, a New York-based investment firm. The other prominent companies that participated in the fundraising event were SBI Holdings, the leading financial services provider conglomerate based in Japan, and Route 66 Ventures, a renowned venture capital platform hailing from Virginia.
“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,” stated Brad Garlinghouse, CEO of Ripple.
As cryptocurrencies are highly dynamic in nature, their value keeps on fluctuating from high to low every now and then. XRP, the cryptocurrency which was brought into reality by the tireless efforts of the Ripple team, has also been subjected to several highs and lows in its value. Where in 2017, the price of the coin witnessed a remarkable growth in its market value; at present, it is bearing a sluggish growth and is down by approximately 44% year-to-date. However, gone Friday brought a rise of more than 3% in its value, which made the experts credit the success to the strategic funding news.
Interestingly, a huge portion of Ripple’s income is accrued from the sale of its holdings in XRP, while the offerings from banking entities and financial institutions that employ its blockchain excellence for payment settlement form another major source of funds for the firm. In 2018, Ripple disposed of holdings amounting to $260 million in XRP, stated a report by The Block.
With a view to expanding its business and operability, Ripple has entered into several strategically important partnerships with industry-leading firms like American Express and Santander. The company revealed that it is now serving a strong base of more than 300 financial services clients belonging to different parts of the world.