#Ripple (XRP) has become one of the largest fintech companies in the world, according to the latest report from CB Insights.
CB Insights: Ripple (XRP) becomes one of the world's largest fintech companies
Global market analysis firm CB Insights has compiled data on the largest VC-backed fintech companies worth $ 1 billion or more. CB Insights announced the names of a total of 66 companies on the list. San Francisco-based company Ripple ranks fourth on the list with a valuation of $ 10 billion. Ripple is behind San Francisco-based Stripe, Shanghai-based #Lufax and India-based #Paytm #One97 (valued at $ 36 billion, $ 39.4 billion and $ 16 billion respectively).
Late last year, Ripple raised $ 200 million on a Series C funding round led by #SBI Group, #Tetragon and Route 66 Ventures. In the same year, the company purchased a $ 50 million stake in money transfer platform MoneyGram. Ripple , using technology to move money between payment limits says it has more than 300 customers. On its own, Ripple's digital asset portfolio is worth a fortune.
Ripple CEO: XRP sales are essential to keep company's cash flow positive
The company owns more than half of the total supply of the crypto asset XRP. According to CoinMarketCap data, the total market cap of XRP at the time of writing is $ 11.6 billion. Ripple CEO #Brad #Garlinghouse states that XRP sales are essential to keep the company's cash flow positive. Ripple's CEO adds:
XRP IS THE ONLY SOURCE. I DON'T KNOW HOW TO RESPOND TO THIS, BECAUSE IF YOU TAKE AWAY OUR SOFTWARE REVENUES IT WILL MAKE US LESS PROFITABLE. IF YOU BUY ALL OF OUR XRP, THAT MAKES US LESS PROFITABLE. SO I DON'T THINK OF IT AS ONE THING… WITHOUT SELLING XRP, WE WOULDN'T BE PROFITABLE OR CASH FLOW WOULDN'T BE POSITIVE. I GUESS I SHOULD SAY THAT. NOW WE HAVE THIS.
Ripple Chooses #Dubai For New Regional Office✔
Ripple said it sold $ 81.39 million in XRP in the third quarter of this year to support its crypto-based remittance platform On-Demand Liquidity. Also, the company purchased $ 45.55 million worth of XRP to increase the liquidity of the product.