The amount of private money invested in blockchain and crypto startups dropped in 2019.
CB Insights reports that dollar funding last year is down nearly 30% from the 2018 high of $4.3 billion. But in the fourth quarter of 2019, Ripple outperformed other fintechs in the space in terms of investment dollars.
The real-time gross settlement firm raised $200 million in Series C funding. SBI Group, Tetragon and Route 66 Ventures spearheaded the investment round. The $200-million financing values Ripple at $10 billion.
The blockchain lending firm Figure Technologies came in at number two on the list, raising $103 million, followed by the Bitcoin mining startup Layer1, which raised $50 million.
Ripple chief executive Brad Garlinghouse says its funding will help the company execute its ambitious goal of transforming the cross-border payments industry.
“We are in a strong financial position to execute against our vision. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.”
Specifically, Ripple says that the fresh capital injection will go toward the hiring of new talent and the addition of offices around the world to meet demand.
The $200 million-funding round coincides with Ripple’s dramatic reduction of XRP sales in Q4 of 2019. The San Francisco startup did not sell a single XRP on exchanges during the quarter.