$420 Million is New Target, Says Fintech Firm Ribbit Capital
Ribbit Capital, a venture capital organization situated in the United States, has a profound profile of dealing with several cryptocurrencies and blockchain (BC) projects. Recently, it has planned to increase its most recent endeavour to upwards of $420 million as per the SEC's filing reports. This new fund is due become the 5th venture project out of Ribbit Capital, who had earlier extracted $300 million in 2017 with its handful of associates. Now, targeting around $120 million over the previous amount is, by their standards, a minimal denomination.
Backed by the leading digital exchange platform Coinbase, Ribbit Capital, established 6 years ago, has a reputable name for its undertakings in the crypto ecosystem. Besides Coinbase, other industry veterans like Root insurance, a vehicle insurance firm, Credit Karma, a finance organization, and Robinhood, a trading platform for cryptos are all agencies backing Ribbit Capital.
Ribbit started off as a blossoming startup which had a worth of over $1 billion. Their rise did not happen overnight. Revolut, an alternative banking application based in the UK had obtained a profit of $250 million through their Series C rally conducted by three venture capital organizations- Ribbit Capital, Index Ventures and DST Global- in April. From the net profit, of Revolut, Ribbit is now worth over $1.7 billion.
Next in the line is Robinhood, which is now known as 2nd most profitable financial tech start-up throughout United States. It started off with trading cryptocurrencies and received a raise of $363 million in February during the Series D funding round. Later in the Series C, it earned $110 million, which eventually led to an overall profit of almost $6 billion.
Originating in 2012, Coinbase has earned a name to become a forerunner in the crypto sector as well as in wallet services offered in the United States. It has recently extended its service with the launch of Coinbase Pro and revolutionized the GDAX for individual traders. Currently, Coinbase has opened a trading platform for four cryptocurrency pairs pegged with UK pound sterling.