Ripple, a real-time gross settlement system, and remittance network announced on Friday, it raised $200 million in Series C funding, which was led by Tetragon, a closed-ended investment company.
Reportedly, the new funding round means the blockchain startup is now valued at $10 billion, a groundbreaking feat for the Ripple ecosystem including XRP, XRP Ledger, and generally, blockchain technology in global payments.
The Series C according to the announcement also saw the participation of other notable investors such as SBI Holdings and Route 66 Ventures.
Ultimately, the funds will be used to pursue the company’s vision in adopting new global talent such as the Internet of Value (IoV), to better address market demands, while also serving its community of customers and partners, per the report.
Ripple noted plans to onboard IoV to change the system for moving money around the world. Via the Internet of Things (IoT), the company claims it can facilitate the movement of value, in the same manner, used for information, which has been a global challenge so far.
Ripple CEO, Brad Garlinghouse said in the report:
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.
Already, Ripple launched Xpring, an open platform that offers developers the tools, services and programs to allow monetary transactions across any network, using the Interledger Protocol (ILP) and XRP Ledger.
In October, Brad Garlinghouse said the XRP token was meant to solve the problems related with Bitcoin (BTC). As Coinfomania then reported, the Ripple CEO claimed that the original developers of the XRP token were early Bitcoin developers.