Ripple (XRP) Call 2019 Their Strongest Growth Year After Raising $200M

Ripple Labs are calling 2019 their strongest year of growth after successfully raising $200 Million in funding throughout the year. Ripple is the blockchain payments platform behind XRP which is currently the third largest altcoin by market cap. 

The fundraising was led by an investment company Tetragon. It was announced on December 20th that their Series C funding round was also contributed to from a major Japanese partner SBI Holdings, and venture capital firm Route 66 Ventures.

Ripple has reported that this new funding will be used to help Ripple and XRP to continue improving its global payments network. In the announcment they have stating that they will be allocating a lot of funds for broader utility of the digital asset XRP and the XRP Ledger.

Ripples sees strong yearly growth despite Q3 drop in sales

Ripple have reported their “strongest year of growth to date in 2019” claiming a record year as a result of the new investments. 

Brad Garlinghouse the CEO of Ripple stated that the company and XRP are continuing to gain accelerated momentum in order to develop industry leadership. While stating on other cryptocurrency projects that: “others in the blockchain space have slowed their growth or even shut down.”

The firm claims to currently have customers in over 45 countries and six continents, and offer their payout capabilities in excess of 70 countries. RippleNet, the company’s global payments network has reportedly grown to over 300 institutional customers worldwide.

Despite Growth Sales Are Down

Although Ripple made the claims that 2019 has been their strongest year so yet, the firm has seen a large decrease in sales throughout the entire third quarter of 2019. As of October, Ripple’s Q3 2019 sales decreased around 73% compared to the previous quarter reporting $251.51 million in sales.

Earlier this year MoneyGram, the second largest payment company entered a partnership with Ripple. The CEO stated that MoneyGram using Ripple’s xRapid is huge progress. xRapid is the company’s product for providing liquidity. Even making claims that the deal is bigger than Libra, Facebook’s stablecoin project. Late this November, MoneyGram established an equity investment of $20 million. This equity investment is part of MoneyGram’s original $50 million equity investment commitment.