Ripple is showing strong willpower about the massive adoption of its cryptocurrency XRP. The company based in the Californian City of San Francisco, Ripple secured $200 million funding on Thursday for that goal as we are reading further in the upcoming Ripple news.
Ripple has the goal to change in massive way international payments by timing up with banks, financial institutions, and third-party operators. The cryptocurrency of Ripple will be instrumental in this goal. At least this is the narrative that the well-known investment firm Tetragon was hooked up on, which is who Ripple secured $200 million funds in a Series C funding round.
Due to the huge parabolic rally of 2017, Ripple’s digital asset grown in price and launched itself to 3rd place on crypto coin rankings. While XRP lost a big part of its value over the last two years the digital asset makes a pivotal and significant part of Ripple’s portfolio. This is the main reason why, besides some other proprietary offerings, Ripple has pushed so hard for an image projection of XRP as the global ‘bridge currency’ for international money transfers. As the Chief Executive Officer of Ripple, Brad Garlinghouse said in an interview for Fortune:
“XRP helps customers free up capital that they would otherwise have to park as reserves in local banks.”
Ripple not long ago bought a certain stake in MoneyGram, which the Chief Executive Officer of Ripple, Brad Garlinghouse claims it uses the digital asset for ‘15% of its transfers into Mexico’. He also stated that some of Ripple’s clients use XRP considerably for transfer of Australian dollars, Philippine pesos, and—to a smaller degree—Brazilian real.
The Chief Executive Officer of Ripple, Brad Garlinghouse did not say anything about the revenues and profits of Ripple earned to this date. Yet, he did uphold the position that accelerated the implementation of XRP as the global link for international payments as the main focus of Ripple. Of Corse Ripple earns money from the sale of its money transfer software, but it lays a huge interest in the cause of enhancing the usage of XRP since in that way the price of the cryptocurrency will grow and will give Ripple opportunity to ‘profit from selling its reserves’.
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