Ripple Raises $500M at $40B Valuation in Fortress-Led Round

Ripple has secured $500 million in a funding round led by Fortress Investment Group and Citadel Securities, bringing its valuation to $40 billion. This investment marks Ripple's growth as it expands its operations beyond cross-border remittance into stablecoins and institutional custody services. Ripple's CEO, Brad Garlinghouse, highlighted the significance of the investment from well-respected financial institutions as a testament to the company's ongoing momentum and market potential. Notably, the round follows a recent $1 billion tender offer at the same valuation. Ripple reported that its payments platform has processed over $95 billion in volume. Additionally, Ripple’s new stablecoin, RLUSD, is being utilized as collateral in its institutional brokerage platform, Ripple Prime. Recent acquisitions have enabled Ripple to reshape its offerings significantly, making it a key player for institutions seeking access to cryptocurrency.

Source 🔗