Ripple Skyrockets to $40B Valuation with $500M Backing from Wall Street Titans
Digital assets titan, Ripple, unveiled on Wednesday a whopping $500 million funding injection from major institutional investors. This has catapulted its valuation to an impressive $40 billion. The investors include the likes of Fortress Investment Group and Citadel Securities.
The funding round saw participation from funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace. This investment comes on the heels of Ripple’s most successful year to date and follows the company’s recent $1 billion tender offer at the same valuation.
In a span of just over two years, Ripple has aggressively broadened its horizons beyond payments through six acquisitions, including billion-dollar deals. The company’s Ripple Payments now processes over $95 billion in volume. In addition, its RLUSD stablecoin recently crossed the $1 billion mark in market cap and is being utilized as collateral in Ripple Prime, the firm’s institutional brokerage platform.
“This investment is a testament to Ripple’s incredible momentum and further validation of the market opportunity we’re aggressively pursuing,” expressed CEO Brad Garlinghouse. The funding comes amid a surge in institutional adoption of crypto infrastructure, following regulatory clarity in the U.S.
Source: CNBC