Crypto giant Ripple has raised 200 million dollars in a Series C funding round to improve the utility of XRP Ledger.
Ripple has raised 200 million dollars for XRP utility
Ripple has concluded a Series C funding round in which Ripple has raised 200 million dollars. The round was led by well-known industry players such as Tetragon, Route 66 Ventures and SBI Holdings. The round was held to raise funds for improving the utility of the XRP ledger.
According to the official announcement, the funds will be utilised to improve Ripple’s blockchain network. The company will be using the funds to enhance the network’s performance while boosting the utility of its native XRP tokens.
Ripple CEO shared his optimistic view regarding the project saying that the company is in a “strong financial position” to work towards their goals. He claimed that while most companies have seen a decline in their growth rate in 2019, Ripple has managed to increase its momentum and solidified its position in the industry.
Statistics confirm his claims as the year saw Ripple boosting its partnership with MoneyGram. The firm has invested 50 million dollars in the strategic partnership with MoneyGram to extend its outreach. MoneyGram is a money transfer company that boasts over 2,000 employees. The company is one of the most popular money remittance services across the globe. The partnership would utilise the Ripple platform to settle cross-border trades and would boost the MoneyGram’s foreign exchange network.
As Ripple concludes its funding round the price of the XRP token seems to be reacting. The asset’s price has risen by nearly 3 percent across the last 24-hours. You can read Cryptopolitan’s XRP price analysis here.