Per Ripple’s announcement, the funding round was led by New York investment company Tetragon and Japan’s SBI Holdings and Virginia-based venture capital firm Route 66 Venture participate in the round.
The company added that the investors “not only underscore Ripple’s long-term potential,” but will also offer “invaluable industry insight and expertise” as its partners to help Ripple’s business grow.
CEO Brad Garlinghouse said:
We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.
Ripple makes use of the XRP token to facilitate cross-border transactions for financial institutions, and has created a blockchain-based interbank messaging system. Notable part of its income comes from selling its XRP holdings.
Ripple’s revenue also comes from deals with banks and other financial institutions that use its technology. It reportedly has over 300 financial services customers throughout the world.