According to the latest reports, the blockchain payments firm behind XRP, Ripple, has raised $200 million in a new funding round. XRP is the third biggest altcoin by market capitalization. The new Series C funding round was led by closed-ended investment company Tetragon. This process was also joined by SBI Holdings and Route 66 Ventures.
The news about this latest funding round was announced on December 20 by Ripple. The acquired funds will supposedly help Ripple to continue enhancing its global payments network and the wider utility of the XRP digital asset and the XRP Ledger.
Ripple Enjoys Strong Annual Growth Despite 73% Sales Plunge in Q3
This investment marks a record year for the business as Ripple purportedly experienced its “strongest year of growth to date in 2019.” Brad Garlinghouse, the Ripple CEO, stated that his company has continued to increase momentum and accelerate industry leadership. All that growth has happened while others in the blockchain space have reduced their growth or even shut down.
Up to today, Ripple is believed to have customers in at least 45 countries and six continents. In addition, it has payout capabilities in at least 70 countries. The company has experienced a 10-fold year-over-year growth in transactions. On the other hand, the firm’s global payments network RippleNet expanded to over 300 customers globally.
Even though Ripple says that 2019 is its strongest year yet, the company has experienced a considerable drop in sales in Q3 2019. According to reports from mid-October, Ripple’s Q3 2019 sales plummeted by more than 73% versus the phenomenal $251.51 million sales in Q2.
Earlier in 2019, Ripple partnered with MoneyGram, the second-biggest remittances firm worldwide. At that time, Garlinghouse alleged that MoneyGram using Ripple’s xRapid liquidity product is a larger deal than Facebook’s Libra. Late last month, MoneyGram secured a $20 million equity investment from Ripple coming as part of its original $50 million equity investment commitment.