Ripple, a US-based Blockchain payments service provider, announced on December 20 the massive success of its latest funding round. According to the official announcement, the company behind the third-largest altcoin in terms of market capitalization, XRP, managed to raise $200 million from a pool of investors.
Tetragon Financial Group Limited, a close-ended investment firm based in Amsterdam, has led the Series-C funding round. Japanese company SBI Holdings, Ripple’s principal partner, and venture capital company Route 66 Ventures, are reportedly two of the most prominent investors.
As briefly explained in the announcement, Ripple would use the funds on enhancing its global payments network. Furthermore, the company intends to expand the usefulness of XRP and XRP Ledger.
Brad Garlinghouse, the CEO of Ripple, claims that the company is experiencing its most active year to date. Interestingly, Ripple’s latest financial report revealed that the company only grossed $66.24 million in XRP sales in the third quarter of this year, compared to the $251.51 million total sales in the second quarter.
Despite this news, Garlinghouse emphasized that the company has finally grasped a strong momentum. He noted that other firms in the Blockchain industry have already given up while Ripple continues to pursue growth. Notably, Ripple has witnessed a 10-fold increase in transactions annually.
It’s worth noting that earlier this year, Ripple made a significant headline due to its partnership with MoneyGram, the second-biggest remittances company in the world. Garlinghouse emphasized that the project is much bigger than Libra, Facebook’s controversial stablecoin project.
To date, Ripple has active operations on six continents. They have a massive base of customers from 45 countries. Garlinghouse further boasts that Ripple has payout services in over 70 countries.