Ripple draws $200 million from investors to expand blockchain payments

Investors including Tetragon, SBI Holdings and Route 66 Ventures have poured a fresh $200 million into Ripple Labs, which has become a major player in cross-border payments over the past few years.

It’s the largest investment Ripple has attracted, and brings its total funding to about $320 million.

San Francisco-based Ripple, launched in 2012, will use the funding to add personnel to its global organization and enrich its services that power payments using blockchain technology with its XRP platform.

“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,” said Brad Garlinghouse, CEO of Ripple, in a release.

Source Link