In Brief:
- Ripple bought back its shares from investors of Series C funding round.
- The company’s valuation reached $15 billion.
- The company claims to have a strong balance sheet and double business growth.
The CEO of Ripple, Brad Garlinghouse Network declared that the company bought back a shares worth $200 million from investors of the Series C funding round in December 2019. This purchase takes Ripple’s valuation to $15 billion.
Ripple sees this buyback as a great achievement to stay in line with regulations amid an SEC lawsuit filed in 2020 that stained the company’s reputation in the crypto community. The authorities claim that Ripple and top executives sold the crypto XRP to the public as unlicensed security.
“The buyback places Ripple’s new valuation at $15B and reflects Ripple’s strong position in the market and global company momentum – Ripple’s global business has grown exponentially and 2021 was the company’s best year to date,” the company said. In a thread, the company claimed that RippleNet has registered almost double transactions in 2021.
CEO of Ripple, Brad Garlinghouse claimed that the year 2021 was the best year for the Ripple network and claimed Ripple is in an “extremely strong position in the market,” and stated that “Ripple is cash flow positive, has $1B in the bank and a strong balance sheet.”
Investors who sold their share to Ripple include series C lead investor Tetragon Financial group, which sued Ripple in 2020.
The recent news is a tight slap for Ripple critics, who consider Ripple non-viable for business.
The company is also trying to promote crypto XRP as a bridge currency to come close to international financial markets through service.
Ripple is also working closely with nations to develop Central Bank Digital Currency. The list contains the names of the Republic of Palau and Bhutan. Palau recently Joined hands with Ripple to develop their own USD-backed Digital currency.
