Ripple raises $55 million from big banks - Series B - XRP Prices jumped 60% to 0.0001600 within 1 hour
Ripple has raised another 55 Million in its latest round of funding bringing it total raised to 93 Million.
The news has reached mainstream news services such as CNBC, WSJ, Reuters and the like. News seems to be first released 2 hours ago 12:35 pm; Thursday, 15 September 2016.
News Articles:
According to the article linked above (CNBC) 'The start-up is currently working with 15 of the top 50 global banks including UBS and Santander.'
New and existing investors were involved in the new Ripple funding round. New investors included Accenture Ventures, SBI Holdings, SCB Digital Ventures, Standard Chartered PLC, and the investment arm of Thailand’s Siam Commercial Bank. Existing investors that joined in this round included a Banco Santander SA venture fund, the venture arms of CME Group Inc. and Seagate Technology, and Venture 51.
Obviously this is good news for ripple with 55 Million accounting for 20-25% of their market cap before today's rally, the current price of XRP is 0.00001760 BTC and 2 hours ago it was trading for below 0.00001000 BTC, it has seen a large move already price wise although volume is still relatively small at this time, we could be in for an interesting time while this initial excitement settles in
This is a nice post and just goes to show how CryptoCurrency Prices can fluctuate a lot due to the high degree of short selling and manipulation. Happy to upvote. Now following and looking forward to reading more of your posts. Catch us also on Twitter✔ happy to follow back. Cheers. Stephen
Oh wow, thanks for this article, I may be able to buy some in time before the next jump. :D
F#@% Banks
Sold my Ripples 3 days ago with some benefits, but far away of that doublé benefit gains.
Cryptoworld, hard and wild west place to walk in :D
Very interesting!
Truly exciting. I just posted about the same thing.
This seems rather significant. Great to see that kind of capital being raised, very encouraging in this envoirment
Should be interesting to see what happens when China starts trading. Very encouraging for altcoins overall to see this kind of attention.
Agreed. The more attention the better, this can only benefit crypto
Damn I missed this. Dang.
before this news too interestingly the technicals were showing good upside, great for anyone who was long on Ripple!
Wait a moment. Ripple the company raised 55 millon for actual shares on the company (Series B).
XRP is just a the cryptotoken. The "market cap" you are referencing is just the "market cap" of XRP (the token) and NOT the market cap of Ripple the company, which is a private held one and could one day be listed on a traditional market.
The amount of XRP that Ripple as a company holds is certainly quite significative. It is an important asset of Ripple (the company). But it is not the only asset. Actually this rounds of funding makes Ripple LESS dependant on XRP the asset.
Ripple is engaged in the ILP (Inter Ledger Protocol), a protocol that doesn't require any kind of token to transfer value. So ILP and XRP are both assets of Ripple the company, therefore nor the "market cap" of XRP (the asset) or the XRP that Ripple holds are the actual value of Ripple the company.
The value of Ripple (the company) is greater than the XRP holdings of Ripple. And each round of funding makes Ripple less dependant on XRP.