Despite the fact that cryptocurrency itself has endured a lot of criticism over the years and has been called everything from an internet fad to an outright scam, crypto companies continue to grow from strength to strength each year with more funds being raised and more profits being reported even as they gain more respect in the mainstream. This is expected to only grow as cryptocurrency is embedding itself into the global financial sphere and with companies like Facebook launching their own cryptocurrency and entire countries looking into national tokens, crypto is not going anywhere anytime soon.
Ripple has just announced a new $200 million round of funding which adds to its list of remarkable achievements besides being a payment processor and the company behind XRP, which is the third-largest cryptocurrency by market cap.
Ending the Year on a High Note
This new round of funding was raised as a part of a collaboration between Tetragon, a closed-end investment firm, SBI holdings, which is Ripple’s Japanese partner and a venture capital firm called Route 66 Ventures. The money raised in this round of funding will, according to the official announcement, help in developing the XRP token as well as the global payment platform and the XRP ledger.
According to management at Ripple, 2019 has been their strongest year ever and while their competitors have seen a slow down in momentum, Ripple has apparently seen an improvement in leadership and overall growth despite a 73 percent drop in revenue. As of now, Ripple’s reach spans across 75 countries, six continents and millions of customers.
The ability of Ripple to raise such a large amount of funding to expand on their payment processing and token shows that the demand for both cryptocurrency itself as well as the use of blockchain for payment settlement is still very much alive and will continue to thrive into the future.