Ripple, a San Francisco-based technology company focused on blockchain, has raised $200 million in Series C funding. Tetragon led the funding round, with SBI Holdings and Route 66 Ventures also investing.
“We are in a strong financial position to execute against our vision,” Ripple CEO Brad Garlinghouse said in a prepared statement. “As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”
The funding round caps off a massively successful year for Ripple. RippleNet, the company’s global payments network, now has more than 300 customers from more than 45 countries throughout the world. XRP, the cryptocurrency used by RippleNet, is currently priced at $0.19.
The funds are expected to go toward increasing the worldwide adoption of RippleNet and hiring new employees as the company works to “better serve its growing community of customers and partners.”
The market for blockchain technology in healthcare could exceed $500 million by 2022, according to a recent report from Frost & Sullivan.