Ripple gets USD 200 million funding to boost uptake of XRP

Tuesday 24 December 2019 08:42 CET | News

Ripple, a blockchain technology company, has announced USD 200 million in investment funding.

This amount brings the total value of the company to USD 10 billion, according to Computer World. During the last seven years, the US-based company created the XRP cryptocurrency, the Ripple payment protocol, and the RippleNet exchange network in order to disintermediate cross-border financial transactions for financial services businesses.

In October 2019, Ripple announced the number of users of RippleNet had passed 300 financial services companies, including players such as American Express, PNC, and Santander.

The technology enables the representation of digital currency (a ‘stable coin’) backed by traditional fiat money, or the creation of cryptocurrencies (a new asset class), enabling new sources of liquidity. Those digital assets are transmitted across a decentralised network where transactions are recorded on an immutable blockchain ledger.

Anyone with a cryptographic key and an internet connection can receive, hold, and send XRP to anyone else over the Ripple blockchain network. XRP tokens are pre-mined, meaning all the coins that will ever exist have been created. Ripple created 100 billion XRP coins, but the primary company and Ripple Labs, the subsidiary that created the payment protocol and exchange network, own 60% of the tokens.
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Keywords: Ripple, money transfer, blockchain, XRP, remittances, cross border, stable coin, funding
Categories: DeFi & Crypto & Web3
Countries: World
This article is part of category

DeFi & Crypto & Web3