Blockchain payments company Ripple has announced a $200 million Series C share buyback. The decision will allow the San Francisco-based tech firm to reach an all-time high $15 billion valuation.
Back in December 2019, Ripple raised $200 million in a Series C funding round with Tetragon Financial Group, a UK-based investment firm serving as the lead investor along with fellow members SBI Holdings and Route 66 Ventures.
However, in December 2020, the US Securities and Exchange Commission (SEC) filed a $1.3 billion financial lawsuit against Ripple Labs, as well as co-founder Chris Larsen and CEO Brad Garlinghouse; accusing the parties of using their own XRP token as an unlicensed defense digital assets.
Intending to disassociate themselves from Ripple amid their high-profile and openly public lawsuit, Tetragon sued Ripple in early January 2021 in the Delaware Court of Chancery seeking to enforce its contractual obligation under a buyout clause for an undisclosed investment amount.
However, just three months later, in April, the court ruled in favor of Ripple and against plaintiff Tetragon, ending the financial dispute.
The choice to voluntarily buy shares from Tetragon, SBI Holdings, and Route 66 Ventures implies that Ripple is looking to bolster its financial strength, a notion Garlinghouse eluded in a recent tweet.
“Even with headwinds in 2021, this has been our best year ever,” he said, adding that their $1 billion bank balance position makes them “the strongest we have ever been.” “.
RippleX is at full speed implementing the many opportunities for the XRP ledger – NFTs, CBDCs, interoperability bridges, sidechains and more – working hand in hand with developers and partners around the world. It’s a 4/4 multi-chain world after all — Brad Garlinghouse (@bgarlinghouse) January 26, 2022
Along with the buyback and valuation news, Garlinghouse also shared optimism for the future of RippleNet and Ripple X, the latter of which aims to increase the utility of the XRP ledger in a number of emerging sectors, including non-fungible tokens, central bank digital currencies, and interoperable multi-chain features, among other things.
Cointelegraph reached out to Ripple for comment but received no response at the time of publication.
Blockchain payments company Ripple has announced a $200 million Series C share buyback. The decision will allow the San Francisco-based tech firm to reach an all-time high $15 billion valuation.
Back in December 2019, Ripple raised $200 million in a Series C funding round with Tetragon Financial Group, a UK-based investment firm serving as the lead investor along with fellow members SBI Holdings and Route 66 Ventures.
However, in December 2020, the US Securities and Exchange Commission (SEC) filed a $1.3 billion financial lawsuit against Ripple Labs, as well as co-founder Chris Larsen and CEO Brad Garlinghouse; accusing the parties of using their own XRP token as an unlicensed defense digital assets.
Intending to disassociate themselves from Ripple amid their high-profile and openly public lawsuit, Tetragon sued Ripple in early January 2021 in the Delaware Court of Chancery seeking to enforce its contractual obligation under a buyout clause for an undisclosed investment amount.
However, just three months later, in April, the court ruled in favor of Ripple and against plaintiff Tetragon, ending the financial dispute.
The choice to voluntarily buy shares from Tetragon, SBI Holdings, and Route 66 Ventures implies that Ripple is looking to bolster its financial strength, a notion Garlinghouse eluded in a recent tweet.
“Even with headwinds in 2021, this has been our best year ever,” he said, adding that their $1 billion bank balance position makes them “the strongest we have ever been.” “.
RippleX is at full speed implementing the many opportunities for the XRP ledger – NFTs, CBDCs, interoperability bridges, sidechains and more – working hand in hand with developers and partners around the world. It’s a 4/4 multi-chain world after all — Brad Garlinghouse (@bgarlinghouse) January 26, 2022
Along with the buyback and valuation news, Garlinghouse also shared optimism for the future of RippleNet and Ripple X, the latter of which aims to increase the utility of the XRP ledger in a number of emerging sectors, including non-fungible tokens, central bank digital currencies, and interoperable multi-chain features, among other things.
Cointelegraph reached out to Ripple for comment but received no response at the time of publication.
