Distributed ledger tech company Ripple has nabbed a $15 billion valuation after a private stock buy-back, the company said Monday.
The company is repurchasing equity shares from investors in its Series C, which includes Tetragon, a company that unsuccessfully sued Ripple last year. At the time of the previous raise, Ripple's valuation stood at $10 billion.
"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. The company says that its RippleNet platform has seen transactions double in 2021. It also signed Bhutan and Palau as CBDC clients.
The move comes amid Ripple's ongoing legal battle with the SEC, which dates back to December 2020. The SEC accused Ripple of issuing and selling unregistered securities in the form of the digital asset XRP.
From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.