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Ripple has emerged as one of the largest fintech companies in the world, according to a recent report by CB Insights.
The global market intelligence firm compiled data on the largest VC-backed fintech companies worth $ 1 billion or more, naming a total of 66 companies on the list.
San Francisco-based Ripple, with its $ 10 billion valuation, is only behind San Francisco-based Stripe, Shanghai-based Lufax and India-based Paytm One97, which are valued at $ 36 billion, respectively. $ 39.4 billion and $ 16 billion.
Late last year, Ripple raised $ 200 million in a Series C funding round, led by SBI Group, Tetragon and Route 66 Ventures. In the same year, the company bought a $ 50 million stake in the MoneyGram remittance platform.
Ripple claims to have more than 300 customers using its payment technology to move money across borders. Its digital asset portfolio alone is worth a fortune.
The company owns more than half of the total supply of the XRP crypto asset. At the time of publication, XRP’s total market capitalization is $ 11.6 billion, according to CoinMarketCap.
In an interview with the Financial Times, CEO Brad Garlinghouse explained whether XRP is needed to keep the company’s cash flow positive.
“Well, XRP is a source. I don’t know how to answer you because if you take away the revenue from the software, it will make us less profitable. If you’ve taken all of our XRP away from us, that makes us less profitable. So I don’t think of it as a thing …
We would not be profitable or positive cash flow [without selling XRP], I think I said that. Now we have it. “
Ripple claims it sold $ 81.39 million in XRP in the third quarter of this year to support its crypto-based remittance platform, On-Demand Liquidity. It also purchased $ 45.55 million of XRP to fuel the product’s liquidity.
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