Ripple Notches $200M In Series C

With an investment that reportedly tops off a record year for the company, Ripple announced that it notched $200 million in Series C funding. The investment also continues to prove blockchain’s value in enhancing global payments as well as XRP’s and XRP Ledger’s wider utility, according to a post from the company.

CEO Brad Garlinghouse wrote in the post, “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.” Tetragon led the Series C with participation from Route 66 Ventures and SBI Holdings.

According to the announcement, “These notable investors not only underscore Ripple’s long-term potential, but as partners, they offer invaluable industry insight and expertise to help Ripple’s business grow on a global scale.” The company says it’s seen its most formidable year of growth to date this year.

The announcement also noted, “Ripple’s Series C is just one moment along the company’s journey to change the way the world moves money. Ultimately, this investment supports Ripple’s broader vision for the Internet of Value (IoV) to enable the world to move value like information moves today — a global problem, with far-reaching implications.”

In separate news, reports surfaced in November that Ripple had invested $50 million in MoneyGram. The deal was finalized and also announced by both firms in late November, and Ripple made its final payment on the deal with $20 million in equity at $4.10 a share per the U.S. Securities and Exchange Commission (SEC).

According to the SEC filing, Ripple now owns nearly 10 percent of MoneyGram’s common stock “and approximately 15 percent on a fully-diluted basis including non-voting warrants held by Ripple.”

MoneyGram said it’s going to use the capital to make as well as grow the On-Demand Liquidity payment system, which utilizes XRP digital currency. MoneyGram has been using XRP for transactions in multiple nations around the globe.