In addition, the firm asked the court to prevent Ripple from using “any cash or other liquid assets” until the matter is resolved. Ripple Raises 200M in Series-C Round Led By Tetragon.

Ripple answered to the indictments, alleging that the lawsuit “has no merit” and accusing Tetragon of taking advantage of “the lack of regulatory clarity” in the United States to bring the lawsuit.Ĭompany executives have previously criticized US regulators, hinting that the company would relocate its headquarters abroad to escape the “regulation through law enforcement” of the United States.Īmid the lawsuits of both the US Securities and Exchange Commission, or SEC, and now Tetragon, XRP has lost its position as the fourth largest cryptocurrency by market capitalization. Ripple, a US-based Blockchain payments service provider, announced on December 20 the massive success of its latest funding round. Ripple, a San Francisco-based blockchain startup focusing on the payments technologies, announced that is raised USD 200 million in Series C funding from a group of notable investors. based payments firm Ripple has raised 200 million in a Series-C funding round led by alternative asset investment firm Tetragon. The funding round was led by global investment firm Tetragon, with participation from Ripple-friendly SBI Holdings and Route 66 Ventures, the announcement says. Tetragon owns less than 2 of Ripples equity. Bitcoin Price Set to Outshine Gold and Stocks By Big Margin in 2019. Charlie Shrem: What I Still Love About Crypto. embassy in 1998 and killed more than 200 people, hasshocked Kenyans and.Īccording to data from CoinMarketCap, XRP’s market capitalization of $ 10.3 billion is behind Litecoin’s $ 10.5 billion, with LTC having grown 26% in the last seven days while XRP’s market capitalization has stalled. Litecoin outperformed XRP for the first time on Sunday, but it was a short move. XRP lost 46% of its value since January 1, while the second worst performer, ETH, lost 6.4%.Tetragon Financial Group,Perella Weinberg, the Lehman Brothers estate. 2019 has been a year to forget for XRPĢ019 has been a very poor year for XRP so far as it is easily the worst performing top 10 cryptocurrency of the year. So far, the company has matched this plan with its actions – its Q3 2019 XRP sales amounted to $66.2 million, while it sold $251.5 million worth of XRP in Q2. Ripple periodically sells portions of its XRP holdings, although the company states it plans to reduce its XRP sales moving forward. ODL corridors involving the Phillipine peso and the Australian dollar are active as well, and there are also tests with transfers involving the Brazilian real. MoneyGram is now using the XRP-powered ODL product commercially, and it represents 15% of the company’s volume in the US dollar – Mexican peso corridor. Ripple has been pushing for the adoption of XRP – most notably, it signed a deal with remittances provider MoneyGram and invested a total of $50 million in the company. Ripple is the biggest holder of XRP, although a large portion of its holdings is locked up in escrow.

Ripple says that the investment will also be used to increase the utility of XRP, a cryptocurrency that’s used in Ripple’s On-Demand Liquidity product for cross-border payments. Meanwhile, Brad Garlinghouse said that the $200 million was not a necessity for Ripple, but will provide balance sheet flexibility to the company. A Ripple spokesperson also told the publication that the company plans to hire up to 150 additional employees in 2020. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” Ripple is valued at $10 billion, but XRP has been underperforming its top 10 counterpartsĪccording to a Fortune report, the deal values Ripple at $10 billion. “We are in a strong financial position to execute against our vision. Ripple CEO Brad Garlinghouse said that Ripple is positioned particularly well compared to some of its counterparts in the blockchain industry: SBI Holdings and Route 66 Ventures also participated in the investment. US-based fintech firm Ripple has scored another major investment – today, the company announced that it has raised a whopping $200 million in Series C funding in an investment round led by Tetragon. Despite seeing some use in cross-border transfers, XRP is the worst-performing top 10 cryptocurrency of 2019.

Ripple secures $200 million Series C investment from Tetragon, SBI Holdings and Route 66 Ventures.

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