This post was originally published on Coinspeaker
Key NotesFortress Investment Group led a major funding round alongside Brevan Howard and Marshall Wace for the blockchain payments firm.The company’s dollar-pegged stablecoin achieved remarkable growth, becoming the tenth largest in its category within a year.Ripple Prime now offers institutional brokerage services following the Hidden Road acquisition and humanitarian groups test its technology.
Blockchain payments firm Ripple Labs Inc has secured $500 million from Fortress Investment Group and a few other investors. The funding raised its valuation to a whopping $40 billion, according to an X post by the company’s CEO Brad Garlinghouse. He described this round as the “cherry on top of a mountain of good news” that the firm has recorded this year alone.
Fortress Investment Group Leads Ripple’s $500 Million Round
On November 5, Brad Garlinghouse, Ripple’s CEO, acknowledged that his company has had an incredible year. This is regardless of the downturn that the broader cryptocurrency industry faced recently. Furthermore, he announced the new funding came from a different investors beyond Fortress Investment Group.
Other investors in the fundraiser are Brevan Howard and Marshall Wace. Garlinghouse noted that the investment goes beyond being a validation of Ripple’s growth strategy and business built on the foundation
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