Ripple, a blockchain start-up, announced that it had raised $200 million in C-round financing, according tomedia reports. This round of financing is led by Tetragon, SBI Holdings and investment firm Route 66 Ventures. With a $200 million capital raising, Ripple is expected to accelerate the company’s talent pooling and improve its services. The company is now valued at $10bn.
Headquartered in San Francisco, Ripple has focused on using Ripple Coin (XRP) to improve cross-border payments and other remittance activities. By market capitalisation, The Swiss Currency is the third-largest cryptocurrency after Bitcoin and Ether, and it became an early competitor to Bitcoin in 2011.
Ripple believes that cryptocurrencies, especially XRP, may be a good way to facilitate cross-border transactions, and that it could be cheaper and faster than traditional foreign exchange solutions.
Ripple has been trying to persuade financial institutions to switch to rippleNet, its global payment network. In particular, the company bought a 10 per cent stake in MoneyGram to help it turn to RippleNet, at least to some extent.
Brad Garlinghouse, Ripple’s chief executive, said the company now had more than 300 customers. He expects the company’s customer base to grow by 30-40 per cent by 2020.
“We have strong financial strength to deliver on our vision, and we have accelerated our momentum and industry leadership in 2019 as other companies in the blockchain sector slow down and even close down,” he said. “
Despite rampant job cuts in the cryptocurrency industry, Ripple appears unmoved and appears to be “actively expanding”. The company’s number of staff in offices around the world has risen to 534, according to the data.
A spokesman for Ripple said the company’s plans for next year included hiring 150 new staff and opening up overseas offices.