Last month, Ripple was the major talk in the market as the company closed a $200 million Series C deal. After the deal, Ripple was valued at $10 billion. With the alarming growth rate of the cryptocurrency, it seems the holders of this coin will have more reasons to smile in the future.
Tetragon led the investment round, with participation from Route 66 Ventures and SBI Holdings. Tetragon had participated in a 2015 Series C investment in a $2.3 billion deal in 2015.
According to Ripple, the added capital will be used to enhance further utility building of XRP and improve Ripple’s global business operations.
Company in a strong position for further growth
Brad Garlinghouse, Ripple’s CEO, said at the time that the company is doing financially well to enhance its goals and visions for development further. As some others in the blockchain industry have shut down or slowed their growth, the company is looking to consolidate on its progress over the year.
He said Ripple had accelerated its industry leadership throughout last year. According to Brad, the company is well-positioned to enter into its next expansion phase and dominate the blockchain industry.
Ripple doing great in the stock listings
On paper, the startup is valued higher than 16% of stocks in the S&P 500 and 93% of about 2700 stocks in Nasdaq. According to the list, Ripple is currently valued higher than names such as Xerox, Alaska air, Nordstrom, Whirlpool, Under Armour, and other notable names.
The public market has been largely unfavorable to developing private variations, as the performance of Uber has already shown. As Ripple rounded up its Series C fundraising before a startup IPOs, the public will soon find out Wall Street’s actual valuation of Ripple.
But the company may not be comfortable with the increased regulations and scrutiny that usually comes with public listings.
Ripple’s long list of achievements within a short time
Ripple is currently the world’s third-largest cryptocurrency based on market valuation. Back in Jan. 2018, the currency rose above $3, but it fell months later and is currently valued at 19 cents.
Last year, Ripple sold about $260 million worth of XRP. Ripple also has other sources of revenue, which includes deals with financial institutions that carry out currency transfers with its blockchain technology.
Ripple confirmed that it has more than 300 financial services clients throughout the world. The startup company has also partnered with several industry giants, including American Express and Santander.