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Ripple secures $200M in Series C Funding; Looks to increase customer count by 30-40% in 2020

Ripple has just secured $200 million in a Series C funding round, with the fund to be allocated for the company’s global expansion and adding more talent to its pool.

Image: Ripple Facebook

Mon, 23 Dec 2019, 10:48 am UTC

Ripple has announced that it has secured $200 million in a Series C funding, which was led by investment group Tetragon. Japanese financial service company SBI Holdings and investment firm Route 66 Ventures have also participated in the round.

The funding will be allocated for Ripple’s global expansion, as well as to bring in additional talents to handle more processes. In a blog posted on its site, the real-time gross settlement system said that this partnership will be significant for the company as it looks to enter 2020 with newfound zeal.

“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,” said CEO Brad Garlinghouse.

More Xpring development

In addition to the improvement on its network and pushing further adoption of its XRP native currency, Ripple also teased about the Xpring platform. Two weeks ago, Ripple announced the improvements done on the platform, which aims to expedite the development of blockchain and digital assets on the XRP Ledger.

Xpring Senior Vice-president Ethan Beard highlighted Xpring’s wallet support, Software Development Kit (SDK), XRP Ledger, and customer service. This improvement is Ripple’s attempt in attracting more developers to build more projects on the XRP Ledger.

“Xpring is committed to shipping new updates every quarter to our developer platform and the open-source projects we contribute to. We look forward to working with all developers to solve existing pain points in payments and to fuel new business models and use cases that we have yet to discover,” Beard wrote.

Ripple looks to strengthen its current position

The new funding has pushed Ripple’s valuation at $10 billion, Fortune reported. Despite the funding and a promising future ahead of it, however, XRP failed to make a bullish run. At the time of writing, Ripple’s native currency is trading hands at $0.19 and is up by 1.37% in the last 24 hours.

But Garlinghouse is confident that Ripple will create more waves in 2020, predicting that the company will grow its current customer count by 30 to 40% and increase its transaction volume by 600%. Ripple has more than 300 customers at the moment.

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