Ripple gets $200M in Series C Funding to grow XRP Blockchain Ecosystem

Ripple gets $200M in Series C funding to grow XRP ecosystem

Ripple, a San Francisco-based blockchain Fintech Company, has recently secured $200 million in the funding round of Series C.

The latest funding round was led by the Tetragon. Other investment participants include Route 66 Ventures and SBI Holdings.

The company plans to use the funds to expand operations, adoption of its technology and of digital asset XRP and the XRP ledger, and of Xpring, notes the announcement.

Executive Opinion

Ripple CEO, Brad Garlinghouse, said, "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's Growth 

By joining the RippleNet, the financial institutions can process their customer payments anywhere in the world instantly, cost-effectively and reliably. Banks and payment providers can also use the digital asset XRP to reduce their costs further and access some of the new markets.

Rippe also announced updates on its Xpring turning the offering into open the open developer platform. Xpring offers services, tools, and programs that make it easier for the developers to send and receive payments in any currency, across any of the networks, using the XRP ledger and InterLedger Protocol.

Ripple is led by the Brad GarlingHouse, Ripple operates RippleNet; a global blockchain-powered payments network that has grown to more than 300 customers in more than 45 countries, including a strategic partnership with MoneyGram, notes the announcement.

The company has its offices based out of New York, London, San Francisco, India, Sao Paulo, Singapore, Dubai and beyond, employing around 350 people.

PC: Pablo, Pixabay

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Udit Agarwal Opinions expressed by techsutram contributors are their own. More details

Udit Agarwal is a Digital Marketer and a Content Marketing Specialist, He enjoys technical as well as non-technical writing. His passion and urge for gaining new insights on gadgets, smartphones and technology has led him to Techsutram. He quenches his thirst for technology through his action oriented writing skills and a profound ability to stay up to date with latest industry trends.

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