Ripple Says This Year is the Strongest Year of Growth

News / 20.12.2019

On December 20, an announcement by Ripple says it was able to raise 200 million USD in another funding round. Tetragon, a close-ended investment firm was in charge of the funding round. SBI Holdings and Route 66 Ventures were likewise part of the process.

The purpose of the acquired funds is supposedly to assist Ripple in the efforts to improve its international payments network and wider utilization of the XRP cryptocurrency and the XRP Ledger.

This year is remarkable for Ripple as regards investment as it is supposedly the “strongest year of growth to date in 2019.” According to Brad Garlinghouse, the Ripple CEO, the firm keeps increasing momentum and accelerating industry leadership. Such growth occurred while others in the domain experienced reduction in growth or even closed down.

It is believed that the customers of the firm are in a minimum of forty-five countries and six continents. Besides, it can pay out in a minimum of seventy nations. The firm has been growing every year within the previous ten years. Contrariwise, the international payments network of the company has expanded to more than 300 customers worldwide.

In spite of the supposed strongest growth of the firm in 2019, its sales in the third quarter of 2019 dropped remarkably. The mid-October reports say that there was a decline in the sales of Ripple in the third quarter by over 73 percent in comparison with the outstanding 251.51 million USD sales in the second quarter.

In the early moments of 2019, a partnership ensued between Ripple and MoneyGram. Some days ago, MoneyGram was able to secure a $20 million equity investment from Ripple as part of its initial $50 million equity investment commitment.

 

Featured image courtesy of Shutterstock. Source: CryptoPress.

avatar
A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.