CEO of Ripple Labs Brad Garlinghouse announced that they have bought back Ripple shares which were sold to earlier investors.
Ripple has been clashing with its investment partners and the SEC for the past couple of years due to allegedly selling XRP tokens as securities and financial obligations. However, one of the investment partners Tetragon became the main catalyst of the Series C share buyback, and Ripple’s overall success in court.
Back in 2021, Ripple was approached by former investment partners that include UK-based financial firm Tetragon, SBI Holdings, and Route 66 Ventures. Tetragon Financial Group was the company that led the initial fund for Ripple.
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The blockchain tech company was sued for not following its rightful obligations and refusing to buy back shares. Both the current CEO Brad Garlinghouse and co-founder Chris Larsen of Ripple were included in the lawsuit.
However, the issue was resolved in court, with the advantage going towards Ripple. With that being said, despite fighting against repurchasing the shares, the company decided to acquire the Series C shares from the three investors.
According to a Twitter post made by Ripple Labs CEO Brad Garlinghouse, he confirmed that the company has officially retrieved previously sold shares, putting Ripple at a total value of $15B.
Likewise, he mentioned that Ripple is nowhere near leaving the crypto industry, and even considers 2022 as their "best year on record." Garlinghouse hinted that the company aims to integrate some next-gen features into the XRP Ledger, including NFTs and central bank digital currencies (CBDCs).
At the time of writing this article, the XRP coin has seen a slight upsurge after going downhill since October of 2021. Over the past 24 hours, the price of XRP went up 5.19% and currently sits at $0.632.