Blockchain-based payment firm Ripple raised $ 150 million in Series-C funding round led by Tetragon, the alternative asset investment firm.
Tetragon invested $150 million in Ripple Labs. Tetragon is pleased with Ripple Lab’s progress.@Ripple pic.twitter.com/ua3qH11n1f
— Leonidas Hadjiloizou (@LeoHadjiloizou) February 28, 2020
Ripple raised $ 150 million by Tetragon
In addition to Tetragon, Japanese SBI Holdings and VC Route 66 Ventures also participated.
During 2019, Tetragon made a Series C preferred equity venture capital investment in Ripple Labs, a position which is reflected in Figure 10 in “private equity and venture capital – direct”. The investment manager has been following Ripple Labs for some time, and although Tetragon is not in a position to comment on various aspects of this investment, the company is pleased with its progress.
Source: Tetragon 2019 Annual Report
Brad Garlinghouse, Ripple CEO, said:
“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.”
The investment will enable the company to attract new international talent and better serve its customers and partners. New stakeholders will provide more insight and industry expertise as the company grows its business.
Highlighting Ripple’s strongest one-year growth criteria to date, the company says its RippleNet payment network has grown in 2019 to more than 300 customers. It also cooperates with MoneyGram, which holds a nearly 10% stake in the money transfer company. As part of the agreement, MoneyGram will use Ripple’s products for cross-border settlements.
In addition, the company is also facing the court, defending its motion to dismiss a lawsuit claiming its sales of XRP were an unregistered security issuance Previously, Ripple moved to cancel the lawsuit, saying that, among other arguments, Even if XRP is a security, investor plaintiffs have taken their case too late to proceed.
At press time, the price of XRP is trading around $ 0.2355, a slight increase of 1% in the last 24 hours.
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