XRP lost 46% of its value since January 1, while the second worst performer, ETH, lost 6.4%. 2019 has been a year to forget for XRPĢ019 has been a very poor year for XRP so far as it is easily the worst performing top 10 cryptocurrency of the year.
So far, the company has matched this plan with its actions – its Q3 2019 XRP sales amounted to $66.2 million, while it sold $251.5 million worth of XRP in Q2. Ripple periodically sells portions of its XRP holdings, although the company states it plans to reduce its XRP sales moving forward. ODL corridors involving the Phillipine peso and the Australian dollar are active as well, and there are also tests with transfers involving the Brazilian real. MoneyGram is now using the XRP-powered ODL product commercially, and it represents 15% of the company’s volume in the US dollar – Mexican peso corridor. Ripple has been pushing for the adoption of XRP – most notably, it signed a deal with remittances provider MoneyGram and invested a total of $50 million in the company. Ripple is the biggest holder of XRP, although a large portion of its holdings is locked up in escrow. Ripple says that the investment will also be used to increase the utility of XRP, a cryptocurrency that’s used in Ripple’s On-Demand Liquidity product for cross-border payments. Meanwhile, Brad Garlinghouse said that the $200 million was not a necessity for Ripple, but will provide balance sheet flexibility to the company. A Ripple spokesperson also told the publication that the company plans to hire up to 150 additional employees in 2020. 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 is valued at $10 billion, but XRP has been underperforming its top 10 counterpartsĪccording to a Fortune report, the deal values Ripple at $10 billion. “We are in a strong financial position to execute against our vision. Ripple CEO Brad Garlinghouse said that Ripple is positioned particularly well compared to some of its counterparts in the blockchain industry: SBI Holdings and Route 66 Ventures also participated in the investment. US-based fintech firm Ripple has scored another major investment – today, the company announced that it has raised a whopping $200 million in Series C funding in an investment round led by Tetragon. Despite seeing some use in cross-border transfers, XRP is the worst-performing top 10 cryptocurrency of 2019.The investor, British fund manager Tetragon Financial Group, in January demanded to redeem its preferred Series C Ripple stock. Ripple secures $200 million Series C investment from Tetragon, SBI Holdings and Route 66 Ventures Ripple, the crypto payments company behind XRP, yesterday dodged a bid from one of its biggest investors to redeem 175 million worth of stock.While some legal experts have predicted that Ripple is likely to lose the case, the company has won a series of procedural rulings that have the potential to embarrass the agency by forcing it to turn over records of its internal deliberations. In response to the lawsuit, Ripple has mounted an unusually aggressive defense, and accused the SEC of hypocrisy for declaring that Ethereum's currency is not a security while XRP is. The SEC repeated that claim in its lawsuit and, in response to agency's actions, the price of XRP tumbled and several exchanges stopped offering the currency to customers.
RIPPLE 200M SERIES TETRAGON 10B SOFTWARE
Skeptics, however, claim the software business is peripheral and point out that the bulk of Ripple's revenue continues to come from XRP sales.
In recent years, the company has tried repeatedly to brand XRP as a "bridge currency" to facilitate international transactions, providing software to banks and money markets to facilitate this.
Founded in 2011, Ripple is best known for owning the majority of the cryptocurrency XRP, which it has been selling for years to fund its operations.
Tuesday's news may help persuade Ripple skeptics who have long doubted whether the company had a viable business. Ripple also cited 2021 as its most successful year ever, saying the volume of its payment business has doubled and that its "on demand liquidity" business has expanded to 22 markets from the three markets it served in 2020. The investors who sold their shares back to Ripple include Series C lead investor Tetragon Financial group, which sued Ripple in early 2020 in an unsuccessful attempt to back out of its investment following the SEC suit. The spokesperson cited "our extremely strong position in the market," and noted that "Ripple is cash flow positive, has $1B in the bank and a strong balance sheet." $0.04780972 0.42% Terra Classic (Wormhole)Īccording to a Ripple spokesperson, the company bought out the investors with cash it had on hand.
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