- Ripple, the San Francisco-based Blockchain specialist, just raised $200 million, lifting their valuation to $10 billion.
- This Series-C round table was led by the American investment group Tetragon and involved investments from SBI Holdings and Route 66 Ventures.
- Goal: strengthen their presence on the market for cryptocurrencies and Blockchain technologies.
- Ripple was founded in 2012 and built a real-time Blockchain-based payment protocol. They also focus on cryptocurrencies-powered transfers and they issue their own virtual currency called XRP. XRP is the third-largest digital asset after Bitcoin and Ethereum.
- $320 million raised so far.
- 300 partner financial institutions including UBS, Santander and UniCredit.
- Their customer base increased by 50% in 2019.
- Ambition: Ripple intends to further increase their customer base (by 30 to 40%) and their transaction volume (by 600%) in 2020.
- This funding Series would enable them to boost their workforce through the addition of new skills and meet demands from their customers and the XRP community.
- Strengthening their strategy. While many Blockchain-focused start-ups slowed down their growth pace, or even ended their operations, and Ripple insists on their strong financial position. This FinTech now aims at speeding up their development.
- Challenging SWIFT. Ripple’s technology directly challenges the secure interbank messaging service SWIFT. SWIFT also implemented a new system for the sake increasing transactions' speed and teamed with the industry consortium R3 on experimenting the Corda blockchain.
- Geographical expansion. Ripple aims for more territories and may be aiming for Thailand and Australia in 2020. Other APAC, EMEA and LATAM countries (including Brazil) are considered.
- In June 2019, Ripple announced a strategic partnership with the money transfer specialist MoneyGram. The point was to enable MoneyGram to process money transfers faster. Ripple also intends to boost the adoption of their own cryptocurrency.
- Just like MoneyGram, several institutions are looking into Blockchain technologies. Just days ago, ING said they were interested in developing a service for storing and securing digital assets. Other e-banking players could end up betting on Blockchain-entailed opportunities.