Ripple is a digital services company located in San Francisco. It recently declared a 200 million dollar C series stock repurchase, bringing the company’s capitalization to a new peak of 15 billion dollars. Ripple secured 200 million dollars during a fundraising event in 2019. It had Tetragon Investment Company, an investing business based in the UK, leading the way with Route 66 Ventures and SBI Holdings.
The US SEC, meanwhile, filed a 1.3 billion dollar civil suit against the CEO Brad Garlinghouse and co-founder Chris Larsen of Ripple Labs in 2020. They alleged the defendants of using the proprietary XRP coin as an unregulated cryptocurrency asset.
Tetragon challenged Ripple in a court in Delaware in January 2021. They claimed to enforce their contract requirement of a repurchase provision to the amount of its secret capital value. This was done to distance themselves from Ripple during their overtly publicized case. But, the jury found its decision in favor of Ripple and not the complainant. This bought a conclusion to the financial conflict.
Ripple’s willingness to acquire stocks from Route 66 Ventures, Tetragon, and SBI Holdings suggests that the company is looking to strengthen its economic position. This stance was hinted at by a Twitter post from the CEO.
Together with the headlines of the valuation and buyback, the CEO expressed confidence for the years ahead of Ripple X and Ripple Net. The former of the two is expected to expand the value of the XRP Blockchain in several fresh areas, such as NFTs, multichain functionalities, inter-operable, etc.