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Quick take:
The announcement comes during a period of record growth, completing six acquisitions, including two unicorns.
The company completed the acquisition of its 1.25 billion prime brokerage platform, Hidden Road, which has since rebranded to Ripple Prime.
Ripple also highlighted key milestones made by its stablecoin, RLUSD, which topped $1 billion market cap earlier this week.
Ripple, the leading digital asset infrastructure provider for global settlements, has raised $500 million in a strategic funding round led by Fortress and Citadel Securities. The fundraising also attracted participation from Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace, according to a press release seen by NFTgators on Wednesday.
Ripple said the investment was closed at $40 billion valuation, unchanged from its recent tender offer of $1 billion. It comes during a period of record growth, completing six acquisitions, including two unicorns.
Among the unicorns is the US-regulated prime brokerage platform Hidden Road, whose $1.25 billion acquisition closed on Tuesday, paving the way for the launch of Ripple Prime, the company’s multi-asset institutional brokerage platform, which features Ripple USD stablecoin RLUSD as a collateral asset.
Commenting on the fundraising, Brad Garlinghouse, Ripple CEO, said in a statement: “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.”
Ripple is one of the crypto OGs, launching in 2012 with the idea to transform payments. However, the company has expanded its product offerings over the years to become one of the leading players in the institutional adoption of digital assets.
“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. Today, Ripple stands as the partner for institutions looking to access crypto and blockchain,” said Garlinghouse.
Ripple’s success in recent months has also seen its stablecoin skyrocket to a market cap of $1 billion, less than a year since launching in December.
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