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Ripple Secures $200 Million in Series C Funding to Drive Further Use of XRP

The year 2019 has been a solid one for Ripple. To top it all off, the company announced a $200 million Series C funding round. Following this round, the company will focus on improving global payments through XRP and blockchain technology.

Successful Series C Round for Ripple

Obtaining $200 million in funding is never an easy feat. Without the right partners and investors, it is simply impossible. Ripple’s round was led by Tetragon and joined by SBI Holdings and Route 66 Ventures.

SBI Holdings has forged a crucial partnership with Ripple some time ago. Because of that collaboration, the SBI Ripple Asia venture continues to fire on all cylinders.

This new funding round will help the company achieve multiple goals. Bringing new global talent under the Ripple umbrella has always been a top priority. Furthermore, they seek to improve the products and services provided to customers and partners around the world.

The Future of Xpring and XRP

One minor announcement comes in the form of Xpring. Ripple’s open developer platform will receive more attention moving forward. The tools, services, and programs will continue to benefit from XRP Ledger and Interledger Protocol support.

CEO Brad Garlinghouse comments on the future as follows:

“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.”

The year 2019 has been very bullish for Ripple. Its RippleNet venture now spans over 300 customers globally. Payout capabilities have been introduced in over 70 countries. 

The crucial metric is the number of network transactions. Those have seen a tenfold increase year-over-year. 

Furthermore, more banks and payment providers experiment with XRP. This new source of liquidity on demand has proven very beneficial. By extension, this means Ripple’s ODL will play a key role of importance in the years to come. 

JP Buntinx
JP Buntinx
JP Buntinx is passionate about cryptocurrencies, fintech, blockchain, and finance. He currently resides in Belgium.


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