![]() ![]() Garlinghouse declined to disclose details of Ripple’s revenues or operating profitability, but said the company is adhering to its core strategy of promoting the adoption of XRP. Garlinghouse says Ripple clients also use significant volumes of XRP to facilitate transfers of Australian dollars and Philippine pesos, and that the company is testing transfers of Brazilian real.Īs for the new funding round, Garlinghouse cited a high level of investor interest in Ripple, saying the company did not need the money, though the funds will provide “balance sheet flexibility.” A Ripple spokesperson said its plans for next year include hiring up to 150 new employees and adding overseas offices. Ripple purchased a stake in Moneygram last summer. Ripple’s customers include Moneygram, which Garlinghouse says now uses XRP for 15% of its transfers into Mexico. ![]() ![]() The $200 million investment, which was also backed by SBI and Route 66 Ventures, may help Ripple refute skeptics who say its technology is a solution in search of a problem and question why banks should adopt it.Īccording to Garlinghouse, XRP helps customers free up capital that they would otherwise have to park as reserves in local banks. He expects Ripple’s customer base to grow 30-40% in 2020, and says transaction volume on the company’s network will increase more than 600%. In an interview with Fortune, CEO Brad Garlinghouse said Ripple currently has more than 300 customers. In recent years, the company has bet its business on persuading financial institutions to use XRP as a “ bridge currency” on cross-border transfers. Ripple controls an enormous reserve of XRP, which is the world’s third most valuable cryptocurrency, and emerged in 2011 as an early competitor to Bitcoin. The $200 million Series C funding round, which was led by global investment firm Tetragon, could help validate Ripple’s claim that more banks and money transmitters will embrace the cryptocurrency XRP for international transactions. ![]()
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