RATE Group | Ripple, creator of XRP crypotocurrency, is now valued at $10 billion
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Ripple, creator of XRP crypotocurrency, is now valued at $10 billion

21 Dec Ripple, creator of XRP crypotocurrency, is now valued at $10 billion

Posted at 01:17h in Cryptocurrency News by

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Brad Garlinghouse, chief executive officer of Ripple Labs Inc.

David Paul Morris | Bloomberg | Getty Images

Blockchain start-up Ripple says it’s raised a $200 million investment round, lifting its valuation to a huge $10 billion.

The fundraising was led by New York investment company Tetragon, Ripple said Friday, while Japan’s SBI Holdings and Virginia-based venture capital firm Route 66 Ventures also invested.

Founded in 2012, Ripple rose to fame in late 2017 as the value of XRP, the cryptocurrency it helped create, skyrocketed in value alongside a multitude of other virtual coins.

The company uses XRP to facilitate cross-border transactions for its network of financial institutions, while it also employs an interbank messaging system — think of it as a blockchain-based alternative to Swift — that’s used by banks to send money around the world.

“We are in a strong financial position to execute against our vision,” said Ripple CEO Brad Garlinghouse in a statement. “As others in the…

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