Blockchain startup Ripple is now valued at $10 billion – Business Insider

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In this photo illustration of the ripple cryptocurrency 'altcoin' sits arranged for a photograph on April 25, 2018 in London, England. Cryptocurrency markets began to recover this month following a massive crash during the first quarter of 2018, seeing more than $550 billion wiped from the total market capitalisation. (Photo by )Jack Taylor/Getty Images

  • Blockchain firm Ripple raised $200 million in its Series C funding round, the startup announced Friday, bringing its valuation to $10 billion.
  • The funding round was led by New York investment firm Tetragon and will be used to expedite hiring, Ripple said in a statement.
  • The firm rose to fame in 2017 when its XRP cryptocurrency shot up in value alongside most digital coins.
  • XRP rose as much as 4% on the news.
  • Watch XRP trade live here.

Blockchain firm Ripple announced it raised $200 million in its latest investment round, bringing the company’s valuation to $10 billion.

The startup surged to fame in 2017 when its XRP cryptocurrency shot up in value during the digital currency boom. Its Series C funding round was helmed by New York investment firm Tetragon and included backing from Japan-based SBI Holdings and venture capital firm Route 66 Ventures.

“We are in a strong financial position to execute against our vision,” CEO Brad Garlinghouse said in a statement. “As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”

XRP traded as much as 4% higher on the news.

Ripple uses XRP for cross-border payments within its network of financial institutions. It also utilizes a messaging system that’s used by banks around the world to send money. The cryptocurrency traded at more than $3 in early January 2018, but has since fallen to $0.19 per coin as most digital currencies have shed value.

Ripple funds much of its operations by selling its position in XRP. The startup sold $260 million worth of the cryptocurrency in the last year alone, according to The Block.

The firm announced it now works with more than 300 partners around the world and achieved 900% year-over-year growth for transactions on its network.

Ripple will use the investment to expedite hiring and “better serve its growing community of customers and partners,” according to a statement.

XRP is down roughly 44% year-to-date.

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