![]() ![]() To help encourage further development from the community, Ripple recently announced the next chapter for its XRP-incubator ecosystem Xpring.Īpart from incubation, Xpring has launched a platform that offers tools, services, and programs that make it easier for developers to send and receive payments in any currency, across any network, using the XRP Ledger and Interledger Protocol (ILP). As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” In Ripple’s Series C investment agreement, there is a provision that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity. The round was led by Tetragon, a New York-based investment firm. Fortune: Ripple raises 200M Series C led by global investment firm Tetragon at a 10B valuation. “We are in a strong financial position to execute against our vision. Ripple valuation rose to 10B after securing 200M of funding. This momentum drove 10x year-over-year growth in transactions across the network with more banks and payment providers using XRP to source liquidity on-demand than ever before. Ripple, a blockchain payments company, based in San Francisco, has announced a 200 million Series C share buyback, bringing the company’s valuation to a new high of 15 billion. Today, the network has customers in more than 45 countries and 6 continents, with payout capabilities in over 70 countries. The investor, British fund manager Tetragon Financial Group, in January demanded to redeem its preferred Series C Ripple stock. In 2019, the company’s global payments network RippleNet grew to more than 300 customers worldwide and included a new strategic partnership with MoneyGram. Ripple, the crypto payments company behind XRP, yesterday dodged a bid from one of its biggest investors to redeem 175 million worth of stock. This new funding will expedite the company’s onboarding of new global talent to meet market demands and better serve its growing community of customers and partners. The investment marks a record year for Ripple and further proves the value of blockchain technology in improving global payments and the broader utility of the digital asset XRP and the XRP Ledger. Largest funding rounds point to enterprise applications FocusFollowing Ripple’s mega-round, 3 of the next 4 largest blockchain deals of the quarter went to companies looking to streamline business processes (the exception being Layer1).Figure Technologies raised 103M to continue growing its blockchain-based platform Provenance, through which the company provides home equity loans with. Tetragon led Ripple’s Series C funding round in 2019.The lawsuit follows the SEC’s own $1.3 billion suit against Ripple.UK-based investment firm Tetragon Financial Group is suing Ripple, the company behind the cryptocurrency XRP.Ripple, the cross-border blockchain payments company, announced today that is has received $200 million in Series C funding led by Tetragon with participation from SBI Holdings and Route 66 Ventures. UK-based investment firm Tetragon Financial Group is suing Ripple, the tech company behind the cryptocurrency XRP, according to a report from Bloomberg. The new suit was prompted by the SEC’s own legal action against the company-the regulator has alleged that XRP is an unregistered security and that Ripple's sales of it were illegal. The Commission is now suing for $1.3 billion.īloomberg notes that Tetragon filed the complaint under seal on Monday in Delaware’s Court of Chancery the filing specifically asks that the firm’s preferred Series C Ripple stock be redeemed. Tetragon has also asked the court for an expedited trial, a preliminary injunction, and a temporary restraining order against Ripple. In a statement issued earlier today, Ripple said the terms of that deal included a provision "that if XRP is deemed to be a security on a go forward basis, then Tetragon has the option of having Ripple redeem their Ripple equity." Tetragon led Ripple’s Series C funding round back in 2019, which raised a total of $200 million. In doing so, it violated the United States Securities Act of 1933.t the time, Tetragon asked the Delaware Chancery Court to force Ripple Labs to call a halt to any transactions until it bought back 175 million worth of the. The statement continued: "Since there has been no such determination, this lawsuit has no merit. Tetragon was among the leading investors in Ripple’s Series C round back in 2019. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S.
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