2021 did not start off well for Ripple. The lawsuit slapped against the platform by the Securities and Exchange Commission [SEC] was brutal. Not only did the SEC throw any prospects of a settlement out of the picture, but it also kept insisting that XRP was a security. Now, in an attempt to rejuvenate itself, Ripple made a major purchase of a whopping $15 billion of its previously sold shares.
The current CEO of the firm, Brad Garlinghouse took to Twitter to reveal that firm had repurchased its Series C shares that were being held by investors. These private shares were issued back in December 2019. The community linked Ripple’s latest move to its ongoing feud with the SEC. Several including Charles Gasparino of Fox Network pointed out,
Ripple purchased all of its equity shares from its investors in its Series C. An array of investors were part of this, however, Tetragon certainly stands out. Back in January 2021, the Tetragon sued Ripple. This did not go well. While Tetragon was trying to “enforce its contractual right to require Ripple to redeem” the stock, it was clearly unsuccessful.
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Furthermore, the latest buyback puts Ripple right on the top as its valuation soared to $15 billion.
Unlike 2021, the firm entered 2022 on a good note. Looks like Ripple would be prolonging this hot streak throughout the year. Here’s how.
‘Ripple will not slow down in 2022’: Brad Garlinghouse
In a series of tweets, Garlinghouse pointed out the firm’s vision for the rest of the year. The entire community was empathizing with Ripple over its lawsuit with the SEC. However, Garlinghouse affirmed that the firm had the “best year on record” as its financial position was the strongest it has ever been. Bringing in the same energy into this year, Garlinghouse suggested that “slow down” wasn’t in the platform’s vocabulary.
Apart from RippleNet, the platform is all set to lay eyes on NFTs, CBDCs, and an array of other things.
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Non-fungible tokens or NFTs have become a great deal. As the NFT fervor persists, Ripple was eyeing the NFT space with RippleX. Speaking about the same, the General Mangar of RippleX, Monica Long stated,
“The ability to buy, sell, store or transfer an NFT from a wallet attached to that identity and then seamlessly access it on another means buyers and sellers can confidently verify creators and their creations.”
Even though the lawsuit has been though on the network, Ripple has continued to move ahead and 2022 looks like a great year for the firm.