Ripple announced a $ 200 million new investment in its development, valuing the company at $ 10 billion. New fundraising round was attended by New York company Tetragon, Japanese holding SBI and venture capital fund Route 66 from Virginia. CNBC writes about the event that puts the boom under the expectations of a powerful project.
Ripple gained popularity and attention after its XRP cryptocurrency in 2017 skyrocketed and jumped away from other cryptocurrency prices.
XRP has the ambition to serve as a means of sending international money and to become an alternative to the Swift system used by banks today for such transactions.
In addition to the cryptocurrency platform it also offers users some additional tools. Among the cooperating entities Ripple are, for example, Santander and American Express.
“The new investment gives us a strong position to realize our vision,” said Ripple boss Brad Garlinghouse.
The company was founded in 2012. The price of three dollars for one of its digital coin XRP but after the peak of two years ago gradually erased. Currently, the XRP token is traded about 20 cents.
About Ripple and XRP
XRP has a specific position within the virtual currency holder community. While the most widespread bitcoin with its decentralized nature stands out from standard corporate structures, XRP is a commercial project by Ripple. It holds the vast majority of all historically generated coins.
They gradually deliver to the market from their package as many as they see fit. This virtual currency cannot even be mined for generating new coins. Reportedly, Ripple wants to avoid the sharp fluctuations in its price by considering XRP emissions on the market. However, data published by The Block analyst suggests that the company is not doing well.
Ripple specializes in the design and implementation of a technology infrastructure designed to significantly accelerate transactions across banks. The business of established financial institutions does not want to disrupt, but to streamline.
Brad Garlinghouse chief reportedly suggested the corporation could go to stock exchange in a year. However, disclosure of the information had virtually no effect on the XRP price.