Ripple has been pushing for the adoption of XRP – most notably, it signed a deal with remittances provider MoneyGram and invested a total of $50 million in the company. Ripple is the biggest holder of XRP, although a large portion of its holdings is locked up in escrow. Ripple says that the investment will also be used to increase the utility of XRP, a cryptocurrency that’s used in Ripple’s On-Demand Liquidity product for cross-border payments. Meanwhile, Brad Garlinghouse said that the $200 million was not a necessity for Ripple, but will provide balance sheet flexibility to the company. A Ripple spokesperson also told the publication that the company plans to hire up to 150 additional employees in 2020. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” Ripple is valued at $10 billion, but XRP has been underperforming its top 10 counterpartsĪccording to a Fortune report, the deal values Ripple at $10 billion. “We are in a strong financial position to execute against our vision. Ripple CEO Brad Garlinghouse said that Ripple is positioned particularly well compared to some of its counterparts in the blockchain industry: SBI Holdings and Route 66 Ventures also participated in the investment.
RIPPLE 200M TETRAGON SERIES
US-based fintech firm Ripple has scored another major investment – today, the company announced that it has raised a whopping $200 million in Series C funding in an investment round led by Tetragon.
Despite seeing some use in cross-border transfers, XRP is the worst-performing top 10 cryptocurrency of 2019.Ripple secures $200 million Series C investment from Tetragon, SBI Holdings and Route 66 Ventures.Upon reaching out to Ripple for greater clarity around their ambitions, a representative spokesperson stated that the purchasing decision was made due to their "extremely strong position in the market", citing that the company is "cash flow positive" and has a "strong balance sheet."Īlongside this, they noted that Ripple experienced its "best hiring year in 2021" and that it is now seeking to onboard "hundreds of global employees this year" to support the already existing 500-employee workforce. It’s a multichain world after all 4/4- Brad Garlinghouse January 26, 2022Īlongside the news of buyback and valuation, Garlinghouse also shared optimism for the future of RippleNet and Ripple X, the latter of which is posed to enhance the utility of the XRP Ledger in an array of emerging sectors, including nonfungible tokens, central bank digital currencies, as well as interoperable, multichain functionalities, among others.
RIPPLE 200M TETRAGON FULL
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. “Even with 2021’s headwinds, it was our best year on record,” he stated, revealing that the company’s $1-billion bank balance makes it the “strongest we’ve ever been.”
In choosing to willingly purchase the shares from Tetragon, SBI Holdings and Route 66 Ventures, it implies that Ripple is seeking to enhance its financial strength, a sentiment that Garlinghouse eluded to in a recent tweet thread.
However, just three months later in April, the court ruled in favor of Ripple and against the plaintiff, Tetragon, putting an end to the financial dispute. Intent on disassociating themselves with Ripple amid their high-profile and openly public lawsuit, Tetragon sued Ripple in early January 2021 in the Delaware Chancery Court, seeking to enact its contractual obligation of a buyback clause to the value of its undisclosed investment sum. However, in December 2020, the United States Securities and Exchange Commission issued a $1.3-billion financial lawsuit against Ripple Labs, as well as co-founder Chris Larsen and CEO Brad Garlinghouse, accusing the parties of using the native XRP token as an unlicensed digital asset security. Blockchain payments firm Ripple has announced a $200-million Series C share buyback, a decision that will take the San Francisco-based tech firm to a record-high valuation of $15 billion.īack in December 2019, Ripple raised $200 million in a Series C funding round with Tetragon Financial Group, a United Kingdom-based investment firm, acting as the lead investor alongside SBI Holdings and Route 66 Ventures.
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