Ripple Series C Funding raises $200 million; surpasses WeWork in valuation

Ripple Series C Funding raises million surpasses WeWork in valuation

Ripple Series C funding round has raised two hundred million dollars ($2M). The massive funding round has come from Route66 Ventures, investment firm Tetragon and Japanese financial giant SBI. Ripple has now surpassed WeWork in terms of valuation, as it is now valued at close to ten billion dollars ($10B).

The latest Ripple Series C funding round is touted as the biggest event this year. 2019 has been rather lacklustre in terms of funding rounds. Ripple Chief Executive Brad Garlinghouse says that the deal is a great way to end the year on a high note. This latest Ripple Series C funding round not only strengthens the finances of the company but will grant it immense ‘balance sheet flexibility.’ Also, it will support its upcoming hiring event where the altcoin looks to employ around two hundred new employees in its global offices.

Ripple Series C funding round to stabilize XRP prices?

Ripple has been going places. The fintech firm recently invested a huge sum in MoneyGram. The partnership will focus on providing more streamlined global remittances and boost XRP adoption globally. Brad said that strategic acquisitions are meant to increase the world-wide foothold of XRP.

Interestingly, Ripple has become more valuable than WeWork. The current Ripple Series C funding round alone has netted close to ten billion dollars ($10B) at a higher valuation compared to the WeWork’s funding round. This latest event has also witnessed a higher interest of investors compared to other crypto ventures.

Despite the increase in valuation and investor interest, the XRP price is stagnant. Crypto experts fear that XRP has entered a bearish phase and facing pressures from every quarter. The technical analysis states that the XRP price is poised to fall further from current levels. XRP has always been sensitive to the altcoin news and policy changes. Since banks and financial services companies depend on Ripple for transactions, the price is affected by any significant political or financial event.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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