Sequel to Ripple’s success in the recent series C funding led by Tetragon, Ripple has been named 2nd most valuable company in the cryptocurrency industry.
Ranked the 2nd most valuable crypto company, it falls behind Bitman, bitcoin mining giants in the crypto industry and is valued at $10 billion.
The company achieved this feat thanks to its achievement in the funding and the fact that it ranked in $200 million of new ventures investment.
Brad Garlinghouse, Ripple CEO, in his reaction to this feat said that they are in a strong financial position to execute against our vision.
He further attributed Ripple’s achievement to their persistence and commitment saying that others in the blockchain space have slowed their growth or even shut down but Ripple have accelerated their momentum and industry leadership throughout 2019.
Founded in 2012, Ripple uses XRP to facilitate cross-border transactions for its network of banks and financial institutions.
Ripple success story at Tetragon funding
Being the hallmark of making it for possible for Ripple to climb up to becoming 2nd most valuable crypto company, it owes part of this achievement to Tetragon series C funding.
After getting $200 million funding from Tetragon, ripple had to name 2019 its best year ever.
However, thanks to the funding, the company is committed to improving in the service they provide with improved global payment network likewise broader utility of digital assets and XRP ledger.
Outside the Series C funding the company achieved in 2019, the company managed to grow its RippleNET payment network to over 300 clients in 2019.
The company also partnered with MoneyGram acquiring around 10% stake in the remittance firm.
On the other hand as part of the deal, MoneyGram will utilize Ripple’s products for cross-border settlements.
At the climax, the company announced that in Q3 2019, its total XRP sales rose by $66.24 million in addition to its$251.51 million in Q2.