6/18/2023 0 Comments Ripple 200m series tetragon 10bAccording to CoinDesk data, the cryptocurrency is up 3.12 percent on the day at $0.1934. XRP has seen a slight price bump as news of the investment spreads. Related: Ripple Files Last Bid to Dismiss XRP Securities Lawsuit Before Court Meeting Earlier this month, Ripple moved to have the case dismissed, saying, along with other arguments, even if XRP were a security, the investor plaintiffs brought their case far too late for it to proceed. Ripple will be in court next month, defending its motion to dismiss a lawsuit claiming its sales of XRP were an unregistered security issuance. In its last financial report, Ripple said its total XRP sales for the third quarter of 2019 were worth $66.24 million, up from $251.51 million in the previous quarter. As part of the deal, MoneyGram will utilize Ripple’s products for cross-border settlements. Ripple will be in court next month, defending its motion to dismiss a lawsuit claiming its sales of XRP were an unregistered. The investor, British fund manager Tetragon Financial Group, in January demanded to redeem its preferred Series C Ripple stock. It also partnered with MoneyGram, taking a near 10 percent stake in the remittance firm. Ripple, the crypto payments company behind XRP, yesterday dodged a bid from one of its biggest investors to redeem 175 million worth of stock. Highlighting what it called its “strongest year of growth to date,” Ripple said its RippleNet payments network grew in 2019 to over 300 clients. The new stakeholders will further provide “invaluable industry insight and expertise” as Ripple grows its business, according to the announcement. The investment will allow the firm to further draw new international talent and “better serve” customers and partners, the firm said. Related: Ripple’s Revamped Xpring Platform Looks to Boost XRP Development As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019,” said Ripple CEO Brad Garlinghouse. While it remains to be seen whether this is the case, the $15 billion price tag could work in Ripple Labs’ favor by greatly increasing its valuation.“We are in a strong financial position to execute against our vision. 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. Today, the network has a volume run rate >$10B. RippleNet is much more than cross-border payments – it’s bringing crypto-native services such as liquidity to enterprises. Tetragon seeks to enforce its contractual right to require Ripple to redeem Series C. 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. Tetragon was one of Ripple Labs big financial backers. 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. 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 round reportedly valued Ripple at 10B. The blockchain payments project raised 200M from investors including SBI Holdings and Route 66 Ventures, which it intends to use to increase XRP adoption. 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. DecemRipple completes 200M Series C led by Tetragon. 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. Collection of top AI tools to use for different tasks.
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