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- Ripple has purchased back shares from its Series C fundraising round, raising the company’s worth to $15 billion despite SEC lawsuit over XRP.
- SEC filed a complaint against Ripple Labs, Garlinghouse, and co-founder Chris Larsen stating that the sale of XRP was an unregistered securities offering and the dispute will be resolved this year.
According to CEO Brad Garlinghouse, Ripple has purchased back shares from its Series C fundraising round, raising the company’s worth to $15 billion. He went on to say that despite the Securities and Exchange Commission’s (SEC) suit over the validity of the XRP cryptocurrency, Ripple had its greatest year on record.
Ripple biggest year on record
Tetragon led a $200 million Series C fundraising round for the firm in December 2019. Route 66 Ventures and SBI Holdings also took part. According to sources, the company’s worth following the Series C fundraising round was $10 billion.
Ripple CEO Brad Garlinghouse revealed on Twitter on Wednesday that the company had repurchased its Series C shares for $15 billion.
Garlinghouse went on to detail the progress of Ripplenet and Ripplex in follow-up tweets Wednesday, noting that “slow down” is not in Ripple’s language until 2022.
“Even with 2021’s challenges, it was our biggest year on record,” said the CEO, adding that Ripple’s financial situation is the strongest it has ever been, with $1 billion in the bank.
In terms of Ripplenet, he stated that the network now has a volume run rate of more than $10 billion. Furthermore, Ripple is “bringing a plethora of features to the XRP ledger — NFTs, CBDCs, interoperability bridges, sidechains, and so much more,” according to the CEO.
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The SEC: a hurdle
In December 2020, the SEC filed a complaint against Ripple Labs, Garlinghouse, and co-founder Chris Larsen, saying that the sale of XRP was an unregistered securities offering. Garlinghouse anticipates that the dispute will be resolved this year.
Ripple recently repurchased a large portion of its stock, which CEO Brad Garlinghouse presented as evidence of the crypto company’s momentum.
Similarly, Garlinghouse stated in December that Ripple had their best year ever, despite the continuing lawsuit initiated by the Securities and Exchange Commission (SEC) over the validity of the XRP coin.
“Despite these huge headwinds with the SEC — and honestly, losing some clients as a result of the SEC litigation,” Garlinghouse told Protocol, “we expanded extremely rapidly, and we feel like we’re entering 2022 in a wonderful position of strength.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
