Ripple Secures $500M Funding at $40B Valuation from Fortress Investment Group

Core Insights - Ripple Labs Inc has raised $500 million in funding, increasing its valuation to $40 billion, as stated by CEO Brad Garlinghouse [1][2] - The funding round is seen as a significant endorsement of Ripple's growth strategy and its future in the cryptocurrency space [3] Funding Details - Fortress Investment Group led the funding round, with additional contributions from Brevan Howard and Marshall Wace [2][3] - This investment is viewed as a validation of Ripple's business model built on XRP [3] Achievements in 2023 - Ripple's US dollar-pegged stablecoin, RLUSD, surpassed $1 billion in market capitalization, becoming the 10th largest US dollar-pegged stablecoin [4] - RLUSD has experienced a remarkable year-to-date growth of 1,278% [4] New Initiatives - Ripple launched Ripple Prime, a digital asset spot brokerage for US institutional clients, following its acquisition of Hidden Road [5] - This service allows clients to cross-margin their OTC spot transactions with their digital asset portfolios [5] Testing and Adoption - Organizations such as World Central Kitchen, Water.org, GiveDirectly, and Mercy Corps are testing Ripple's RLUSD and technology for improved funding speed and transparency [6]