Ripple, the cross-border blockchain payments company, announced today that is has received $200 million in Series C funding led by Tetragon with participation from SBI Holdings and Route 66 Ventures.
The investment marks a record year for Ripple and further proves the value of blockchain technology in improving global payments and the broader utility of the digital asset XRP and the XRP Ledger.
This new funding will expedite the company’s onboarding of new global talent to meet market demands and better serve its growing community of customers and partners.
In 2019, the company’s global payments network RippleNet grew to more than 300 customers worldwide and included a new strategic partnership with MoneyGram.
Today, the network has customers in more than 45 countries and 6 continents, with payout capabilities in over 70 countries. This momentum drove 10x year-over-year growth in transactions across the network with more banks and payment providers using XRP to source liquidity on-demand than ever before.
“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.”
– Ripple CEO, Brad Garlinghouse
To help encourage further development from the community, Ripple recently announced the next chapter for its XRP-incubator ecosystem Xpring.
Apart from incubation, Xpring has launched a platform that offers tools, services, and programs that make it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol (ILP).