Ripple, the blockchain-focused remittance company, has earned number two spot on a new list of fintech’s most valuable companies.
The San Francisco-based remittance firm was estimated at $10 billion, after raising $200 million in a December Series C funding round. According to Forbes, the 10 biggest fintech companies in America 2020 list places Ripple second, just behind the $35 billion payment processing giant Stripe, and ahead of the $8.1 billion crypto exchange Coinbase.
Robinhood, Chime, Plaid, SoFi, Credit Karma, Opendoor and Root round out the top 10.
The value of Ripple is partially fueled by its control of over half of XRP’s total supply, the third-largest cryptocurrency by market cap.
The company sold $500,000,000 worth of XRP last year and used the proceeds to invest in blockchain and cryptocurrency start-ups according to Forbes. In July 2019 Ripple announced that, through its funding arm Xpring, it had surpassed the amount of half a billion dollars in total investment.
The blockchain payments firm sold a total of $13.08 million in XRP in Q4, compared with $66.24 million in the third quarter, while sales reached $251.51 million in the third quarter, the highest during the year, compared to $169.42 million in the first quarter of 2019.
Ripple’s fundraising and development arm Xpring has invested in a variety of crypto-based start-ups including Kava Labs, Dharma Network, Raised in Space Enterprises, Robot Ventures, and SendFriend.
According to Cryptolydian article, investment activities in the fourth quarter of 2019 point to pockets of potential for blockchain technology in enterprise applications, data by CBInsights showed.
Ripple, an enterprise payment network, raised the largest amount of funding in the quarter— a $200 million Series C round from SBI Group, Tetragon Financial Group, and Route 66 Ventures, which valued the company at $10 billion.