Ripple, the company behind one among many world’s largest cryptocurrencies by means of full market capitalization, has obtained $200 million as a Series C funding. The money will go in path of bettering the XRP Ledger and to push the utility of XRP, principally.
Ripple Seals $200M Investment Deal
According to an official announcement, Ripple has managed to complete a $200 million Series C funding funding. The spherical was led by some notable funding corporations, along with Tetragon, Route 66 Ventures, and SBI Holdings.
Per the report, the money goes to go in path of bettering Ripple’s blockchain technology, the XRP Ledger. Moreover, the company may additionally use it to further broaden the utility of its cryptocurrency, XRP.
Speaking on the matter was the CEO of Ripple, Brad Garlinghouse, who acknowledged:
We are in a strong financial place to execute in the direction of our imaginative and prescient. As others throughout the blockchain home have slowed their progress and even shut down, we have accelerated our momentum and trade administration all via 2019.
Indeed, the yr seems pretty productive for the company. Just plenty of months previously, Ripple invested $50 million and started a strategic partnership with MoneyGram. The latter is a money change agency and it’s one among many best players throughout the trade. The partnership seeks to include Ripple as a approach to leverage their technology within the case of abroad trade settlement and cross-border funds.
XRP Price Reacts
Naturally, seemingly massive bulletins of the kind are prone to affect the worth of cryptocurrencies. XRP marks a slight 3% improve over the earlier 24 hours.
As Cryptopotato reported earlier, the next notable diploma of resistance that XRP should bear as a approach to begin reversing its current bearish sample lies at $0.20.
In any case, XRP trades at spherical $0.193 on the time of this writing and sits on an entire market cap upwards of $1.5 billion.