RIPPLE BUYS BACK SHARES FROM A $200 MILLION FUNDING ROUND, RAISING THE COMPANY'S VALUATION TO A RECORD $15 BILLION

Ripple acquired all shares worth $200 million in a Series C funding round in 2019, bringing the company's valuation to a record $15 billion.

 

In December 2019, Ripple raised $200 million in a Series C funding round with Tetragon Financial Group, a UK-based investment firm, acting as a lead investor alongside SBI Holdings. and Route 66 Ventures.

 

However, in December 2020, the United States Securities and Exchange Commission (SEC) launched 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 XRP as an unauthorized form of security.

 

In an attempt to distance itself from Ripple amid a strained regulatory relationship with the SEC, Tetragon Financial Group sued the company in early January 2021 in the Courts of Delaware, seeking to fulfill its contractual obligations. repurchase for the value of its investment. However, just three months later, the court ruled in favor of Ripple and against Tetragon, ending the financial dispute.

 

Finally, until January 26, Ripple is ready to complete the acquisition of all shares from Tetragon, SBI Holdings and Route 66 Ventures. This suggests that the company is looking to strengthen its financial position, a position that CEO Brad Garlinghouse stated in a recent announcement.

 

2022 – “slow down” is not in our vocabulary. Even with 2021’s headwinds, it was our best year on record, and Ripple’s financial position ($1B in the bank) is the strongest we’ve ever been. 2/4

 

— Brad Garlinghouse (@bgarlinghouse) January 26, 2022

 

Excited to announce that Ripple has acquired all of our shares in our Series C (December 2019) funding round at a valuation of $15 billion.

 

“We don't have the word 'slow down' in the corporate dictionary in 2022. Even with the difficulties of 2021, this is the best year yet for Ripple. The company's records and financial standing, which owns $1 billion in the bank, proves it all."

 

In addition, Garlinghouse also shares optimism about the future of RippleNet and RippleX, the platform is set to enhance the utility of the XRP Ledger in a range of new areas of the crypto industry, including NFT ( formulation ). 250 million USD fund ), sidechain , central bank digital currency (CBDC), as well as cross-border payment scope.

 

RippleX – full speed ahead on establishing a multitude of capabilities to the XRP Ledger – NFTs, CBDCs, interoperability bridges, sidechains and so much more – working hand in hand with devs and partners around the world. It’s a multichain world after all 4/4

 

— Brad Garlinghouse (@bgarlinghouse) January 26, 2022

 

When contacting Ripple to better understand the platform's ambitions, a spokesperson for Ripple stated that the acquisition decision was made to strengthen their extremely strong position in the market, with The reason the company has positive cash flow and has strong financial strength on the balance sheet.

 

The fact that trading on RippleNet has doubled last year, the revenue jump is impressive in the third quarter of 2021 while the central banks of Bhutan and Palau are both signed to Ripple as the Ripple's CBDC client way .