Ripple Raises $200M

FACTS

  • Ripple, the San Francisco-based Blockchain specialist, just raised $200 million, lifting their valuation to $10 billion.
  • This Series-C round table was led by the American investment group Tetragon and involved investments from SBI Holdings and Route 66 Ventures.
  • Goal: strengthen their presence on the market for cryptocurrencies and Blockchain technologies.
  • Ripple was founded in 2012 and built a real-time Blockchain-based payment protocol. They also focus on cryptocurrencies-powered transfers and they issue their own virtual currency called XRP. XRP is the third-largest digital asset after Bitcoin and Ethereum. 
  • Achievements:
    • $320 million raised so far.
    • 300 partner financial institutions including UBS, Santander and UniCredit.
    • Their customer base increased by 50% in 2019.
  • Ambition: Ripple intends to further increase their customer base (by 30 to 40%) and their transaction volume (by 600%) in 2020.
  • This funding Series would enable them to boost their workforce through the addition of new skills and meet demands from their customers and the XRP community.

CHALLENGES

  • Strengthening their strategy. While many Blockchain-focused start-ups slowed down their growth pace, or even ended their operations, and Ripple insists on their strong financial position. This FinTech now aims at speeding up their development.
  • Challenging SWIFT. Ripple’s technology directly challenges the secure interbank messaging service SWIFT. SWIFT also implemented a new system for the sake increasing transactions' speed and teamed with the industry consortium R3 on experimenting the Corda blockchain.
  • Geographical expansion. Ripple aims for more territories and may be aiming for Thailand and Australia in 2020. Other APAC, EMEA and LATAM countries (including Brazil) are considered.

MARKET PERSPECTIVE

  • In June 2019, Ripple announced a strategic partnership with the money transfer specialist MoneyGram. The point was to enable MoneyGram to process money transfers faster. Ripple also intends to boost the adoption of their own cryptocurrency.
  • Just like MoneyGram, several institutions are looking into Blockchain technologies. Just days ago, ING said they were interested in developing a service for storing and securing digital assets. Other e-banking players could end up betting on Blockchain-entailed opportunities.

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