[Blockchain Today Correspondent Lee Ji-eun] Ripple, a blockchain payment company, joined large financial sponsors Tetragon Financial Group, SBI Holdings, and Route 66 Ventures in 2019. All of the Series C shares issued in December were bought back.
Cointelegraph reported on the 26th (local time), citing a tweet from Ripple CEO Brad Garlinghouse, that “this brings Ripple to an all-time high of $15 billion.”
According to reports, in December 2019, Ripple raised $200 million in a Series C funding round with SBI Holdings, Root66 Ventures and UK-based investment firm Tetragon Financial Group.
However, the following year, in December 2020, the US Securities and Exchange Commission (SEC) against Ripple Labs, co-founders Chris Larsen, and CEO Brad Garlinghouse, for ‘unauthorized use of Ripple’s native token, XRP’ and filed a $1.3 billion financial suit. In January of last year, Tetragon Group filed a lawsuit against Ripple to establish a contractual obligation to repurchase the value of the undisclosed investment amount, but in April of that year, the court ruled in favor of Ripple.
However, this year, Ripple has chosen to buy back shares of Tetragon, SBI Holdings, and Root66 Ventures in order to ‘strengthen financial soundness’.
Brad Garlinghouse recently tweeted that “2021 will go down in history despite the headwinds.” They also commented that “the future of Ripple is bright with RippleNet, a global remittance service, and Ripple X, which will improve the usefulness of XRP Ledger in emerging fields such as NFT and CBDC.”
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