Ripple, the company behind one of the world’s largest cryptocurrencies by means of total market capitalization, has received $200 million as a Series C funding. The money will go towards improving the XRP Ledger and to push the utility of XRP, in general.
Ripple Seals $200M Investment Deal
According to an official announcement, Ripple has managed to complete a $200 million Series C funding investment. The round was led by some notable investment companies, including Tetragon, Route 66 Ventures, and SBI Holdings.
Per the report, the money is going to go towards improving Ripple’s blockchain technology, the XRP Ledger. Moreover, the company will also use it to further broaden the utility of its cryptocurrency, XRP.
Speaking on the matter was the CEO of Ripple, Brad Garlinghouse, who said:
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.
Indeed, the year seems quite productive for the company. Just a few months ago, Ripple invested $50 million and started a strategic partnership with MoneyGram. The latter is a money transfer company and it’s one of the biggest players in the industry. The partnership seeks to include Ripple in order to leverage their technology when it comes to foreign exchange settlement and cross-border payments.
XRP Price Reacts
Naturally, seemingly big announcements of the kind tend to have an impact on the price of cryptocurrencies. XRP marks a slight 3% increase over the past 24 hours.
As Cryptopotato reported earlier, the next notable level of resistance that XRP would have to go through in order to begin reversing its current bearish trend lies at $0.20.
In any case, XRP trades at around $0.193 at the time of this writing and sits on a total market cap upwards of $1.5 billion.