California-headquartered Ripple, a blockchain payments company, has closed a private buy-back round of its equities, putting the company’s valuation at $15 billion.
Announced on Wednesday, the company re-purchased equities from its Series C funding round , which was closed in December 2019. The round was also participated by Tetragon Financial Group which dragged Ripple to court to reclaim $175 million in investments but failed.
“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,” Ripple stated.
Before the latest buyback, the blockchain company was valued at $10 billion.
Bringing Blockchain to the Mainstream
Ripple is one promising blockchain project that is bringing blockchain to the banking industry. It is primarily making cross-border transactions efficient with decentralized technology.
Additionally, the company partnered with dozens of banks around the world and even established joint ventures with traditional financial giants. It even signed Bhutan and Palau as central bank digital currency (CBDC) clients.
“RippleNet is much more than cross-border payments. It’s bringing crypto-native services such as liquidity to enterprises. Today, the network has a volume run rate >$10B. Huge props to the team for continuously upping their game & leaning into new capabilities every year,” the CEO of Ripple, Brad Garlinghouse explained.
Meanwhile, Ripple is fighting a legal battle with the United States securities market regulator that accused the company of illegally raising $1.2 billion by selling an unregistered security, XRP. The case has been in the US courts for more than a year, and its fate can make or break the future of Ripple.
