Ripple, a Blockchain Payment Company It announced a $200 million Series C buyback, a decision that will bring the San Francisco-based tech company up to $15 billion.
Back in December 2019, Ripple raised $200 million in Series C funding with Tetragon Financial Group, a UK investment firm. It serves as a principal investor with SBI Holdings and Route 66 Ventures.
However, in December 2020, the US Securities and Exchange Commission canIt is suing Ripple Labs for $1.3 billion, including Chris Larsen, co-founder and CEO Brad Garlinghouse, accusing parties of selling XRP tokens as unlicensed digital securities.
Tetragon filed a lawsuit against Ripple in early January 2021 at the Delaware Chancery Court to try to enforce its contractual obligations on the buyback terms based on the value of the undisclosed investment. The court has ruled that Ripple won the case.
The willingness to buy shares from Tetragon, SBI Holdings and Route 66 Ventures indicates that Ripple is trying to strengthen its financials, according to a recent Garlinghouse tweet.
“Despite the hurdles in 2021, it will be our best year yet,” he said, adding that the company’s $1 billion bank balance has made “We are the strongest we have ever been.”
In addition to the buyback and valuation news, Garlinghouse shares its optimism for the future of RippleNet and Ripple X, the latter of which is being used to improve the benefits of XRP Ledger, which includes NFT tokens, bank cryptocurrencies. central , as well as interoperable multi-chain functionality, etc.
A Ripple spokesperson also said the decision to buy back shares was made because “Very strong presence in the market”, claiming that the company “Positive cash flow” and “strong balance sheet”
Ripple also has the “Best Employment of 2021” and is currently working to increase it. “This year’s Hundreds of Global Employees” to support the existing 500 employees.
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