Digital Ventures-backed Ripple hits decacorn status with $200m Series C

Ripple Raises $200M, Calls 2019 Its Strongest Year of Growth

XRP, the cryptocurency used by the Ripple payment network, rose sharply to $0.19 per token following the announcement.

Improved global payment network likewise broader utility of digital assets and XRP ledger are plans the company intend to execute with the funding it received. The company has offices in San Francisco, New York, London, India, Singapore and São Paulo as well as has more than 350 employees and more than 200 customers around the world. The round, which values the company at $10 billion, was led by Tetragon with participation from SBI Holdings and Route 66 Ventures.

According to popular cryptocurrency trader Jacob Canfield, XRP's pair against BTC has just lost the support of the 20-week simple moving average after trying to hold it as support for weeks.

CEO of Ripple, Brad Garlinghouse spoke about the development. Especially, leaders at Ripple strongly believe that 2020 will bring in new technologies and applications in the world of digital assets providing for a tangible change in the industries.

With $200 million funding, Ripple is expected to expedite the company's "on-boarding of new global talent to meet the market demands" and to better its services. One exec spoke of "deep-pocketed enterprises" looking to move into the micro-payments world, and looking for developers to help them. Ripple provides a real-time gross settlement system, currency exchange and remittance network created by the Ripple company. Accordingly, the company has entered a strategic partnership with MoneyGram.

Furthermore, alongside it's pay-out capability in around 70 countries, The Company has overseen a 10-fold year-over-year growth in transactions as the firm's global payments network RippleNet expanded to over 300 customers globally. The platform offers tools, services, and programs, that allows developers to send and receive payments in any currency using the XRP Ledger and Interledger Protocol.



Other news