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.
“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.
2022 – “slow down” is not in our vocabulary. Even with 2021’s headwinds, it was our best year on record, and Ripple’s financial position ($1B in the bank) is the strongest we’ve ever been. 2/4
— Brad Garlinghouse (@bgarlinghouse) January 26, 2022
Before the latest buyback, the blockchain company was valued at $10 billion.
The company also 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,” Ripple CEO, 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 unregistered security, XRP. The case is in US courts for more than a year, and its fate can make or break the future of Ripple.
Source: https://www.financemagnates.com/cryptocurrency/news/ripple-gets-15-billion-valuation-amid-stock-buyback/