Ripple Raises $500 Million at $40 Billion Valuation Following XRP's Historic Surge
Crypto fintech company Ripple has announced a $500 million strategic investment at a $40 billion valuation. Investors include affiliates of Citadel Securities, Fortress Investment Group, and Brevan Howard. XRP, Ripple's cryptocurrency, was trading higher at $2.28 and recently reached an all-time high of $3.65 in July, driven by regulatory optimism and ETF plans. Ripple CEO Brad Garlinghouse stated this investment validates Ripple's growth and reflects confidence in the future of crypto.
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Ripple announces $500 million investment
Crypto fintech company Ripple announced a $500 million strategic investment on Wednesday, valuing the company at $40 billion. The announcement marks a significant milestone for the firm, which is known for its pivotal role in the creation of cryptocurrency XRP.
Involvement of Wall Street giants
Funds managed by affiliates of Wall Street giants, including Citadel Securities, Fortress Investment Group, and Brevan Howard, participated in this major funding round. This highlights the increasing acceptance of crypto ventures among traditional financial players.
XRP price performance
On Wednesday morning, New York time, the price of XRP was trading slightly higher at $2.28 per coin. Earlier this year, in July, XRP surged to an all-time high of $3.65 per coin, driven by regulatory optimism and the anticipation of U.S. spot exchange-traded funds (ETFs) tracking the cryptocurrency.
Ripple's outlook on the future
Ripple CEO Brad Garlinghouse expressed optimism about the company's growth and the impact of this investment. He stated on X, “This investment isn’t just validation of Ripple’s growth strategy and business built on the foundation of XRP, but also a clear bet on what the future of crypto will look like.” He further added, “I’m very proud of what we’ve built, and all that’s to come.”