Ripple’s Brad Garlinghouse has said the transaction volume of Ripple’s network will surge massively next year to a tune of 600+%.
This was declared in a statement by Brad, after the announcement of a Series C funding where Ripple raised a whopping $200 million. The round surged the net worth of the San Francisco-based company to $10 billion.
Brad, during an interview session with Fortune, said Ripple now has over 300 customers across the globe, adding he expects the company to grow massively in the year 2020.
“Ripple’s customer base to grow 30-40% in 2020, and says transaction volume on the company’s network will increase more than 600%,” Brad stated.
Brad furthered that Ripple’s customers such as MoneyGram now leverage XRP for 15% of their transfers into Mexico, hence they no longer need to pre-fund accounts in local banks to execute transactions.
The CEO added that a substantial volume of XRP is being used for facilitating transfers of Australian dollars and Philippine pesos, and the testing of Brazilian real for transfer is also going on.
Garlinghouse said even though Ripple does not necessarily need funds, investors showed great interest, and the money will help provide Ripple with “balance sheet flexibility.”
When asked about possible threatening competition from upcoming digital currencies like Facebook’s Libra, digital Renminbi and other virtual currencies from institutions like central banks in Canada, England, and JP Morgan, Brad said he’s less unfazed as central bank focuses on domestic currencies and not cross-border transfer, while private institutions will not embrace stablecoin created by their competitors.
Garlinghouse concluded that the pathway to limelight as a cross-border money transfer instrument is clear for XRP.
Within 3 Months, Ripple’s Net Worth Surged by $5 billion
It has been revealed that the value of Ripple Labs, Inc. got upped by $5 billion with a space of 3 months alone, an achievement marked as been outstanding.
On October 21, Chinese research firm Hurun published a report, rating top companies around the world based on their worth.
Ripple, a top blockchain companies, was featured in the Hurun Global Unicorn List 2019 with a net value of $5 billion.
However, Ripple has on Thursday noted that the value of its company is now $10 billion. This was achieved after the blockchain-based remittance firm raised a huge $200 million in a Series C funding led by global investment firm Tetragon with the contribution of Japan’s SBI Holdings and Route 66 Ventures.
