RATE Group | XRP Not Likely a Challenge to Bitcoin, Despite Ripple’s $10 Billion Valuation
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XRP Not Likely a Challenge to Bitcoin, Despite Ripple’s $10 Billion Valuation

20 Dec XRP Not Likely a Challenge to Bitcoin, Despite Ripple’s $10 Billion Valuation

Posted at 23:11h in Bitcoin News by

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

Despite this move, critics worry whether Ripple and its XRP digital currency have a future in the space when up against CBDCs, stable coins, and XRP’s biggest competitor, Bitcoin.

Ripple Hopes Funding Refutes XRP Skeptics

The $200 million Series C funding round, which was led by global investment firm Tetragon, could help validate Ripple’s claim that more banks and money transmitters will embrace XRP for international transactions.

Further, the funding is backed by SBI and Route 66 Ventures, which Ripple hopes will refute skeptics who say “its technology is a solution in search of a problem” and question why banks should adopt it, according to CNBC.

Ripple controls an enormous reserve of XRP, which is the world’s third most valuable digital currency. In recent years, the company has bet its business on persuading financial institutions to…

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