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Ripple has secured a $500 million strategic investment led by affiliates of Fortress Investment Group and Citadel Securities, valuing the company at $40 billion.
Other investors include Pantera Capital, Galaxy Digital, Brevan Howard and Marshall Wace.
Ripple CEO Brad Garlinghouse says the move validates the company’s efforts as one of the earliest crypto companies.
“This investment reflects both Ripple’s incredible momentum, and further validation of the market opportunity we’re aggressively pursuing by some of the most trusted financial institutions in the world.
We started in 2012 with one use case – payments – and have expanded that success into custody, stablecoins, prime brokerage and corporate treasury, leveraging digital assets like XRP. Today, Ripple stands as the partner for institutions looking to access crypto and blockchain.”
Ripple began with promoting the crypto asset XRP in 2012 and has expanded to custody, stablecoins and prime brokerage.
In over two years, Ripple made six acquisitions with two exceeding $1 billion, and its stablecoin RLUSD hitting a $1 billion market cap in about eleven months.
The firm bought Rail for stablecoin infrastructure, enhancing Ripple Payments with RLUSD and XRP for efficient cross-border transactions.
Ripple acquired GTreasury last month to integrate stablecoins into treasury management for Fortune 500 clients.
Ripple also bought Hidden Road, rebranded as Ripple Prime, where client collateral doubled and transactions rose sharply.
