Ripple Raises $500 Million at $40 Billion Valuation Following XRP’s Historic Surge

Crypto fintech company Ripple announced a strategic investment of $500 million on Wednesday, at a valuation of $40 billion.

The company, whose founders helped create cryptocurrency XRP, said that funds managed by affiliates of Wall Street giants Citadel Securities, Fortress Investment Group, and Brevan Howard participated in the growth.

The price of XRP it was trading slightly higher on Wednesday morning, New York time, at $2.28 per coin. The coin reached a new all-time high of $3.65 in July after breaking a seven-year record, fueled by regulatory optimism and plans for US exchange-traded funds that track the cryptocurrency.

“This investment is not only the validation of Ripple’s growth strategy and the business built on the foundation of XRP, but also a clear bet on what the future of cryptography will be,” Ripple CEO Brad Garlinghouse. wrote about X. “I’m very proud of what we’ve built, and everything to come.”

Editor’s note: This is a breaking news story and will be updated.