Blockchain company Ripple has raised $500 million, gaining a $40 billion valuation, as per an official press release.
The strategic investment was made possible with support from established funds—in some cases, affiliates of the mentioned funds—such as Fortress Investment Group, Citadel Securities, Pantera Capital, and others.
The update comes after the RLUSD crossed $1 billion in market capitalization, Ripple’s stablecoin which is increasingly used for treasury and collateral solutions.
The announcement also follows close to one year of record growth for the company and a string of acquisitions, donations, and partnerships, all aimed at scaling Ripple’s presence in the global market. A recent acquisition of note was Hidden Road, now managed under Ripple Prime, offering digital asset brokerage and OTC services.
“This 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,” said Ripple’s CEO Brad Garlinghouse.
The official statement says the company has completed six acquisitions in a period of 2 years.