Ripple series tetragon4/9/2023 ![]() Major exchanges such as Binance.US, Bittrex, and Coinbase have delisted the cryptocurrency.Ĭoinbase, arguably the biggest crypto exchange in the U.S., is facing a lawsuit aiming to recover the commission the exchange made over the sale of XRP tokens to the public. and foreign trading platforms removing XRP markets. 22 last year when the SEC filed its complaint against Ripple.Ī number of exchanges have broken ties with Ripple’s token, with U.S. The token price is down more than 60% since Dec. The action taken by the securities regulator against Ripple has hit XRP – the cryptocurrency affiliated with Ripple – hard. The courts will provide this clarity and we are very confident in our position,” responded Ripple. We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. Since there has been no such determination, this lawsuit has no merit. “ 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. Ripple published a short statement in response to Tetragon’s action. ![]() Tetragon requested a preliminary injunction, temporary restraining order, and an expedited trial. The investment firm also wants to prevent Ripple from spending any or all of its cash reserves as well as other liquid assets until the payment is settled. Tetragon, the lead investor in Ripple’s Series C funding round where the blockchain firm raised $200 million to value the company at $10 billion, is seeking to “enforce its contractual right to require Ripple to redeem” Series C preferred stock that the global investment firm holds, Bloomberg reported. Ripple maintains its innocence and argues that the XRP token is a currency and not a security as alleged by the SEC. The SEC alleges that the token sale is akin to a securities sale and the blockchain firm should have registered with the agency. Securities and Exchange Commission (SEC) taking legal action against the company for improperly raising more than $1.3 billion in an ongoing sale of XRP tokens. Tetragon Financial Group Ltd., a publicly-traded closed-ended investment company, filed a complaint under seal against Ripple in the wake of the U.S. As the deal came to completion, Ripple now owns under 10 percent of MoneyGram’s outstanding common stock and almost 15% “on a fully-diluted basis including non-voting warrants.Challenges continue to mount for embattled blockchain firm Ripple as the company faces another lawsuit, this time, from one of its investors. Recently, Ripple made its final payment to MoneyGram and bought $20 million of its equity at a price of $4.10 per share. “This network momentum drove 10x year-over-year growth in transactions across the network and more banks and payment providers using XRP to source liquidity on demand than ever before.” After partnering with MoneyGram, Ripple noted its customer reach increasing to 45 countries and 6 continents, with payout capabilities in almost 70 countries. With Ripple leading the charge of XRP adoption and partnering with financial institutions, RippleNet reached to over 300 customers around the world. With $200 million funding, Ripple is expected to expedite the company’s “on-boarding of new global talent to meet the market demands” and to better its services.Ģ019 has been an important year for Ripple and XRP. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” “We are in a strong financial position to execute against our vision. Ripple’s CEO, Brad Garlinghouse commented on the investment: According to the blog post published by Ripple, the two companies have helped Ripple’s business to grow globally. SBI Holdings’ partnership with Ripple has been cemented through its venture, ‘SBI Ripple Asia’ to fuel ODL payments across the continent. This investment set a record for the company and affirmed the value of blockchain in improving global payments. Ripple announced raising $200 million Series C funding, led by Tetragon with participation from SBI Holdings and Route 66 Ventures.
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