Ripple secures 0M in institutional investment
Ripple has attracted 0 million in institutional backing from major financial players, including Brevan Howard, including affiliates of Fortress Investment Group and Citadel Securities, Pantera Capital, Galaxy Digital, and Marshall Wace.
Following the investment, the crypto solutions company has received a billion valuation led by Fortress Investment Group and Citadel Securities.
According to Brad Garlinghouse, Ripple’s CEO, the valuation reflects the growing momentum of the market and institutional interest in digital assets such as stablecoins.
“Today, Ripple stands as the partner for institutions looking to access crypto and blockchain,” said Garlinghouse.
“This [0m] investment reflects both Ripple’s incredible momentum, and further validation of the market opportunity we’re aggressively pursuing by some of the most trusted financial institutions in the world.”
Ripple’s growth over the past two years has been driven by strategic acquisitions that expand the company’s use cases, from payments to custody, stablecoins, prime brokerage, and corporate treasury solutions.
“We started in 2012 with one use case – payments – and have expanded that success into custody, stablecoins, prime brokerage and corporate treasury, leveraging digital assets like XRP.”
Following the GENIUS Act, institutions are turning to trusted stablecoins such as RLUSD for treasury and collateral purposes, prompting Ripple’s acquisition of GTreasury in October, according to Ripple.