Many have thought of expensive buyback as a move toward a future IPO for the company, as this would require it to regain control over its shares from controversial investors like Tetragon. A huge step in this direction was the release of Ripple’s NFT devnet earlier this month, which will eventually bring NFT trading and minting to the blockchain. The company is also looking at further expansion, noted the exec in the Tweet thread, pointing towards the development of “NFTs, CBDCs, interoperability bridges, sidechains” among others. Huge props to the team for continuously upping their game & leaning into new capabilities every year.
RIPPLE SERIES TETRAGON PLUS
Today, the network has a volume run rate >$10B. In late 2021 Ripple elected to redeem the entire class of Series C preferred stock, including Tetragon's holding at the time of 1.5 times the purchase price plus accrued payments on dividends.
RippleNet is much more than cross-border payments – it’s bringing crypto-native services such as liquidity to enterprises. Ripple’s on-demand liquidity service, which utilizes XRP to shuttle liquidity for financial institutions, grew 130% quarter after quarter in 2021, while Ripple itself grew by 33% in the last quarter. The buyback, according to Garlinghouse, has come at the back of its “best year on record” with the company’s financial position being relatively strong. Ripple seems to have relented to Tetragon’s request now, albeit, on its own terms. The company’s insistence on Ripple buying back the shares worth $175 million was called “opportunistic” by its representatives at the time, and the court had eventually ruled in its favor in April. Shortly after the SEC filed its charges, U.K.-based investment firm Tetragon sued Ripple, too, seeking 175 million in repayment from its Series C investment. Interestingly, Tetragon had itself sued Ripple in January 2021 shortly after the SEC had made its case, in a bid to redeem the funds it had invested in the company. The funding round held prior to the SEC case in December 2019, was headed at the time by Tetragon Financial Group and valued at $200 million. Nevertheless, Ripple Labs CEO Brad Garlinghouse announced earlier today that the company has brought back shares it had sold in its Series C funding at a valuation of $15 billion. Although, this has hindered the company’s reputation in the country, as highlighted by the many exchanges that have withdrawn the listing of its native token, XRP. The multi-billion asset manager, which initially led Ripple’s 200 million Series C funding round in 2019, has now joined the SEC in pursuing the fintech firm in court. This has been despite the lengthy lawsuit filed against it by the U.S Securities and Exchange Commission. The gap between the two cryptocurrencies continues to widen.The blockchain network Ripple has shown some exponential growth in the past year, especially owing to its liquidity and cross-border payment verticles.
The courts will provide this clarity and we are very confident in our position.”įollowing the lawsuit and Grayscale’s decision to ditch XRP, the cryptocurrency continues to trade in the red after being surpassed by Litecoin. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Since there has been no such determination, this lawsuit has no merit. In December 2019, Ripple raised 200 million in a Series C funding round with Tetragon Financial Group, a United kingdom-primarily based investment company. In a website’ss response, Ripple said: “In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. Tetragon said it seeks to “enforce its contractual right to require Ripple to redeem” Series C preferred stock held by Tetragon and to block Ripple from using any cash or other liquid assets until the payment is made. Securities and Exchange Commission, according to a report by Bloomberg. investment company Tetragon Financial Group, the lead investor of Ripple’s $200 million Series C, has sued the company after a recent complaint by the U.S.
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