Ripple, the crypto company behind XRP, recently bought back shares from Tetragon Financial Group. The purchase closes a long-standing dispute between the two companies that began after the US SEC filed a lawsuit. Ripple in 2020 accused An unregistered securities company in the form of XRP tokens, the share buyback has increased Ripple’s value by more than $15 billion. Ripple’s share buyback affects the crypto market
Ripple CEO Brad Garlinghouse Announces Share Buyback Optimism
CEO Brad Garlinghouse tweeted announcing that the company had bought back its shares. Following the sale to Tetragon Financial Group, Garlinghouse added that the share buyback has increased Ripple’s value by more than $15 billion.
“We are thrilled to announce that Ripple has bought back (December 2019) of our Series C shares at a company value of over $15 billion!” Garlinghouse said
He began to outline why Ripple is growing more than ever in 2022. Garlinghouse noted that: Despite the tough times for the company, 2021 will be Ripple’s best financial year ever, as it managed to bring in over $1 billion in revenue.
“By 2022, the word ‘slow down’ is not in our lexicon. Despite the hurdles, 2021 will be our best year on record. And Ripple’s financial position ($1 billion in banks) is the strongest we’ve ever had,” he said.
Despite battling lawsuits with the SEC, Ripple has been able to enter into partnerships with a number of foreign banks. To provide cross-border payment services By bringing crypto services to traditional financial institutions, Garlinghouse noted that RippleNet has now helped clients handle more than $10 billion in transactions. He also noted that RippleX, the open-source payments network, is seeing new capabilities. Added to the XRP Ledger system include NFTs, CBDCs, interoperability bridges and sidechains.
Garlinghouse’s announcement caused divisive feelings.
Although Garlinghouse’s statement has many positives, But the minds of traders are not completely calm. Due to the ongoing dispute with Tetragon in December 2019 Ripple raised $200 million in Series C funding with a UK investment firm. It was joined by SBI Holdings and Route 66 Ventures, prompting the US SEC to file a lawsuit against Ripple shortly after, declaring XRP as an unregistered securities in the form of a token.
Seeing the SEC issue a warrant against Ripple, Tetragon filed a lawsuit against Ripple in an attempt to recover its funds. But in the end, they lost the lawsuit to Ripple, but the case against the SEC is not yet final. from these Makes the feelings of traders in the market to be divided What exactly does a Ripple buyback mean for the SEC’s ongoing lawsuit, concluded by Charles Gasparino of Fox Business?
But note on the other side Some market traders still see the market as an uptrend. It also indicates that Ripple will soon win the lawsuit filed by the SEC. When these things happen, Ripple plans to bring the company to the stock market, thus, in turn, leading some market observers to view the share buyback as a“Limited liability in case of loss”
The post The company’s value ‘Ripple’ has surpassed $15 billion! After buying back more than $200 million in shares from Tetragon, it appeared first on Bitcoin Addict.