Crypto fintech company Ripple announced a $500 million strategic investment on Wednesday, at a $40 billion valuation.
The firm, whose founders helped created cryptocurrency XRP, said that funds managed by affiliates of Wall Street giants Citadel Securities, Fortress Investment Group, and Brevan Howard took part in the raise.
XRP’s price was trading slightly higher on Wednesday morning New York time, at $2.28 per coin. The coin surged to a new all-time high mark of $3.65 in July after breaking a seven-year-old record, fueled by regulatory optimism and plans for U.S. spot exchange-traded funds tracking the cryptocurrency.
“This investment isn’t just validation of Ripple’s growth strategy and business built on the foundation of XRP, but also a clear bet on what the future of crypto will look like,” Ripple CEO Brad Garlinghouse wrote on X. “I’m very proud of what we’ve built, and all that’s to come.”
Editor’s note: This is a breaking news story and will be updated.