Ripple, the creator of cryptocurrency XRP, is now cherished at $10 billion
Blockchain start-up Ripple says it’s raised a $200 million funding spherical, lifting its valuation to an enormous $10 billion.
The fundraising was led by New York funding firm Tetragon, Ripple mentioned Friday, whereas Japan’s SBI Holdings and Virginia-based enterprise capital agency Route 66 Ventures additionally invested.
Based in 2012, Ripple rose to fame in late 2017 as the worth of XRP, the cryptocurrency it helped create, skyrocketed in worth alongside a large number of different digital cash.
The corporate makes use of XRP to facilitate cross-border transactions for its community of monetary establishments, whereas it additionally employs an interbank messaging system — assume of it as a blockchain-based different to Swift — that’s utilized by banks to ship cash round the world.
Ripple says it now has over 300 monetary companies clients globally. The agency has signed partnership offers with giants in the trade starting from Santander to American Specific.