Digital asset infrastructure fim Ripple has reached a $40 billion valuation on a $500 million funding round.
The investment was led by funds managed by affiliates of Fortress Investment Group, affiliates of Citadel Securities, Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace.
The new funding reflects growing investor interest and momentum in the crypto asset space. In just over two years, Ripple has completed six acquisitions, including two valued at over $1 billion, expanding its footprint across payments, custody, and stablecoins, while entering new markets in prime brokerage and treasury management.
“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,” says Brad Garlinghouse, Ripple CEO. “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.”
The elevated valuation coincides with strong performance from Ripple's USD-backed stablecoin RLUSD, which has achieved a $1 billion market cap within its first year.