Ripple Announces 200 Million Share Buyback And Expresses Optimism For 2022

The company repurchased all Series C shares originally issued to Tetragon Economic Group, SBI Holdings and Route 66 Ventures in December 2019.

Ripple announces 200 million share buyback and expresses optimism for 2022

Blockchain payments company Ripple has announced a $200 million buyback of Series C shares, a decision that will take the San Francisco-based tech company to a record high valuation of $15 billion. .

In December 2019, Ripple raised $200 million in a Sequence C funding round with Tetragon Fiscal Team, a UK-based investment firm, acting as a lead investor alongside other investors. other participants SBI Holdings and Route 66 Ventures.

However, in December 2020, the United States Securities and Exchange Commission (SEC) granted a $1.3 billion financial lawsuit against Ripple Labs, as well as its co-founder Chris Larsen and CEO. CEO Brad Garlinghouse accused the parties of using the native XRP token as security of the digital asset without permission.

With the intention of separating themselves from Ripple amid their public and well-known lawsuit, Tetragon sued Ripple in early January 2021 in the Delaware Premier Court, seeking to fulfill their contractual obligations regarding the matter. acquisition for an undisclosed amount of their investment.

However, just three months later in April, the court ruled in favor of Ripple and against the plaintiff, Tetragon, ending the financial dispute.

In choosing to be willing to buy shares from Tetragon, SBI Holdings and Route 66 Ventures, it implies that Ripple is looking to enhance their financial strength, an opinion Garlinghouse dodged in a tweet thread. recently.

“Even if there are troubles in 2021, it will be our best year,” he declared, revealing that their $1 billion bank balance position has put them in the position “strongest we’ve ever had”.

Along with the acquisition and valuation news, Garlinghouse also shared optimism about the future of RippleNet and Ripple X, the future of RippleNet and Ripple X, the latter of which is set to enhance the utility of the XRP Ledger in a wide range of emerging areas, including immutable tokens, central bank digital currencies, as well as interoperable, multi-chain functions, among others .

Cointelegraph reached out to Ripple for comment but had not received a response at the time of publication.

Đăng nhận xét

Mới hơn Cũ hơn