Ripple announces a $200 million share repurchase and expresses hope for 2022
Ripple, a blockchain payments business, has launched a $200 million Series C share repurchase, valuing the San Francisco-based tech corporation at a record-high $15 billion.
Ripple secured $200 million in a Series C fundraising round in December 2019, with Tetragon Financial Group, a UK-based investment business, acting as the main investor with SBI Holdings and Route 66 Ventures.
However, the US Securities and Exchange Commission announced a $1.3 billion financial lawsuit against Ripple Labs, as well as co-founder Chris Larsen and CEO Brad Garlinghouse, in December 2020, alleging the parties of exploiting the native XRP coin as an unauthorized digital asset security.
Tetragon sued Ripple in early January 2021 in the Delaware Chancery Court, seeking to enforce its contractual requirement of a repurchase clause to the value of its secret investment sum, in order to distance itself from Ripple amid their high-profile and publicly public battle.
However, only three months later, in April, the court found in favor of Ripple and against the plaintiff, Tetragon, thereby ending the financial issue.
Ripple’s decision to readily acquire shares from Tetragon, SBI Holdings, and Route 66 Ventures suggests that the company is…
