According to CB Insights, Ripple is now the fourth most valuable VC-supported Fintech company in the world.
In a list of 66 companies, it was pitted against Ripple emerged as one of the most powerful enterprises citing robust fundamentals
Report from CB Insights
A Global market intelligence firm CB Insights has reported that Ripple has emerged as one of the biggest fintech companies in the world. The report is a compilation of the largest VC-funded fintech companies worth at least $1 billion or more having a total of 66 companies on the list. Ripple with a valuation of $10 billion is seen behind San Francisco-based Stripe, Shanghai-based Lufax, and India-based Paytm One97 respectively valued at $36 billion, $39.4 billion, and $16 billion.
Source: CB Insights
Ripple boasts of more than 300 clients that are using its payment technology to conduct multi-border transfers. Last year the fintech company raised $200 million in a Series C funding round that was led by the financial giant SBi group, Tetragon, and Route 66 ventures. In the same year, Ripple also bought over a $50 million stake in MoneyGram the popular remittance platform. More than half of its native token XRP is owned by the company pushing its total market cap to $11.6 billion.
In one of the interviews with the Financial times, CEO Brad Garlinghouse talked about whether XRP is required to ensure that the cash flow of the company is kept positive.
“Well, XRP is one source. I don’t know how to answer that because if you took away our software revenues, that would make us less profitable. If you took away all our XRP, that makes us less profitable. So I don’t think about it as one thing…
We would not be profitable or cash flow positive [without selling XRP], I think I’ve said that. We have now.”
Ripple also mentioned its selling of XRP worth $81.39 million in the third quarter of this year. It also purchased $45.55 million XRP so that it could further add to the product’s liquidity.
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