RippleCoin, the Bitcoin alternative, has just released a news release that details a $2.5 billion round of funding led by Sequoia Capital, led by a former Sequoias top executive.
The announcement was made by Ripple’s CEO, Neil Shah.
This is the third investment round Ripple has raised since the company was founded in 2014.
The first two rounds came from Silicon Valley venture capital firm Kleiner Perkins Caufield & Harcourt and led by Coinbase CEO Brian Armstrong.
A third round of financing was announced by the company in December.
It is expected to come from a group led by Google Ventures and led, in part, by Google co-founder Sergey Brin.
This new round of investment is expected “to significantly expand Ripple’s liquidity and liquidity capabilities, as well as the breadth and depth of its technology offerings,” the release said.
The company has already announced that it is looking for new investors.
This announcement follows the announcement in January of an initial public offering (IPO) for its bitcoin derivatives.
Ripple, which has over $2 trillion in total market cap, is the largest cryptocurrency exchange by market cap and the world’s second-largest cryptocurrency exchange after bitcoin.
Ripple was launched on May 1, 2017 by Ripple Labs, a group of five co-founders and an investment group led mostly by former JPMorgan Chase executive David Pomerantz.
Its first public token was launched in July 2017 and was traded on the Nasdaq.
It has also raised $1.1 billion in a Series A round led by Goldman Sachs and led largely by Andreessen Horowitz.