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

Ripple secured $500 million in a funding round led by Fortress Investment Group and Citadel Securities, bringing its valuation to $40 billion. Significant contributors included major firms such as Pantera Capital and Galaxy Digital. This round follows a prior $1 billion tender offer at the same valuation. Ripple's CEO, Brad Garlinghouse, highlighted that this investment marks the company's growth from a focus on payments in 2012 to a broader range of services, including custody and stablecoins. The firm has made recent acquisitions to expand its offerings in stablecoin, custody, and brokerage. Ripple's payments platform has achieved a volume of over $95 billion, further solidifying its position in the crypto space. Its newly launched stablecoin, RLUSD, is already being utilized as collateral in Ripple's institutional brokerage service, Ripple Prime.

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