Friday, December 2, 2022

Ripple Records $15B In Valuation After Buying Out Investors

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Ripple records $15B in valuation after buying out Series C Investors and got to a healthy balance sheet as we are reading more in today’s latest Ripple news.

Ripple’s valuation is a third higher than in late 2019 and the shadow of the SEC lawsuit still hangs over the company. However, Ripple is touting major growth in its business and announced that it bought back the shares of investors who financed its $200 million Series C round from 2019. according to the company, the new share purchase values the company at $15 billion which is a third more than the $9.8 billion valuations it recieved at the time of the Series C.

Ripple records $15B in valuation after the buyback and the valuation is notable because it suggests that Ripple is feeling bullish about the prospects despite an SEC lawsuit that rocked the company at the end of 2020. the case that is being closely watched by the entire crypto industry, turns on whether the company and its executives sold XRP to the public as unlicensed security. According to a Ripple spokesperson, the company bought out the investors with cash that it had on hand. He also cited that Ripple has a strong position on the market and noted that Ripple is cash flow positive with $1 billion in the bank and a strong balance sheet.

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The investors that sold their shares back to Ripple include Series C lead investor Tetragon Financial group that sued Ripple in 2020 in an attempt to back out of the investment following the SEC suit. Ripple also said 2021 was its most successful year saying that the volume of its payment business doubled and that its on-demand liquidity business expanded to 22 markets from three markets that it served in 2020. The news could persuade Ripple skeptics who long doubted whether the company had a viable business. Founded in 2011, Ripple is best known for owning the majority of the xrp crypto which it has been selling for a while now.

In the past few years, the company tried to brand XRP as a bridge currency to facilitate international transactions and to provide software to banks and money markets and facilitate this. Skeptics claim the software business is peripheral and pointed out that the bulk of Ripple’s revenue is coming from xRP sales. The SEC repeated the claim in the lawsuit and the price of XRP crashed with a few exchanges stop offering the currency to customers. Ripple mounted quite the aggressive defense and accused the SEC of hypocrisy for declaring that ETH’s currency is not a security while XRP is.

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