Ripple Secures $500M Funding at $40B Valuation from Fortress Investment Group
Ripple Labs Inc. Secures $500 Million in Funding
- Ripple Labs raised $500 million from Fortress Investment Group and other investors, increasing its valuation to $40 billion.
- CEO Brad Garlinghouse considers this funding a significant affirmation of Ripple's growth strategy anchored on XRP.
- This investment signifies confidence in the future of cryptocurrency.
Achievements and Developments
- Ripple's stablecoin RLUSD reached over $1 billion in market cap, becoming the 10th largest US dollar-pegged stablecoin.
- RLUSD experienced a 1,278% year-to-date growth.
- Ripple launched Ripple Prime for institutional clients, enabling cross-margining of OTC spot transactions.
- Partnerships with organizations like World Central Kitchen and Water.org test RLUSD for enhancing funding speed and transparency.