In a statement following the court ruling, Ripple described Tetragon’s lawsuit as “an opportunistic move to take advantage of the SEC’s allegations. “And when it is made, it will be made by the District Court,” said the court, referring to the federal district court in Manhattan, where the SEC filed its complaint. The question is not yet resolved, so a determination has not yet been made.” “The enforcement action, by contrast, asks that question. Ripple has now surpassed WeWork in terms of valuation, as it is now valued at close to ten billion dollars (10B). Led by New York-based investment company Tetragon Financial Group, Ripple has pulled in 200 million. The massive funding round has come from Route66 Ventures, investment firm Tetragon and Japanese financial giant SBI. Ripple’s commitment not just to XRP adoption but also to facilitating seamless cross-border payments will see a massive boost as the San Francisco-based company has just announced a new Series C funding round. “XRP is no more a security after the SEC filed the enforcement action than it was before it,” the court said. 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. Blockchain-based payments firm Ripple has raised 200 million in a Series-C funding round with Tetragon, SBI Holdings and Route 66 Ventures all investing. Ripple Series C funding round has raised two hundred million dollars (2M). The terms of that deal included a provision that if XRP is deemed to be a security, Tetragon “has the option of having Ripple redeem their Ripple equity.”īut the court rule said that that question hadn’t been settled. The company couldn’t be reached for comment by press time. It led its Series C funding round in 2019, raising a total of $200 million. Securities and Exchange Commission (SEC) sued Ripple for, the SEC alleges, raising $1.3 billion in an unregistered securities offering.īut Delaware’s Court of Chancery, where Tetragon filed the request, ruled on Friday against the investor’s claims. Ripple Labs has emerged victorious from its lawsuit with Tetragon Financial Group.Īttorney Jeremy Hogan retweeted defense lawyer James K.$0.04780972 0.42% Terra Classic (Wormhole) In the original tweet, Filan attached a copy of the Order and Final Judgment from the Delaware Chancery Court. The round reportedly valued Ripple at 10B. The blockchain payments project raised 200M from investors including SBI Holdings and Route 66 Ventures, which it intends to use to increase XRP adoption. The document revealed that the court had ruled in Ripple Labs’ favor, against the plaintiff, Tetragon Financial Group. DecemRipple completes 200M Series C led by Tetragon. Hogan, a partner at Hogan & Hogan Law in Orlando, FL, revealed in his Tweet that the case racked up $3.4 million in legal fees. 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. He also added that Tetragon was on the hook and must pay them within five days of the judgment. Litigation is a high-stakes game and Tetragon not only has to fulfill contractual obligations but pay two sets of lawyers.” Details of the case “I assume that the Ripple/Tetragon contract had a clause in it that the ‘prevailing party’ would receive attorney fees and costs from the other side. A lawsuit that Ripple Labs representatives called “opportunistic.” The case goes back to January, where Tetragon, an investment management group based in the UK, sued Ripple to force it to buy back $175 million in shares. Also participating were Route 66 Ventures and SBI Holdings, which was spun out of SoftBank. The original allegations centered around a shareholder’s agreement between Tetragon and Ripple Labs, first entered in 2019. Ripple, a San Francisco-based developer of a global payments platform focusing on blockchain technology, has raised 200 million in a round led by strategic investor Tetragon Financial Group. The Securities and Exchange Commission (SEC) professed that, since 2013, Ripple had raised over $1 billion with the sale of XRP. Ripple, the major blockchain payments firm behind XRP, the third biggest altcoin by market cap, has raised 200 million in Series C led by Tetragon. In doing so, it violated the United States Securities Act of 1933.Īt 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 shares it issued.
Tetragon was among the leading investors in Ripple’s Series C round back in 2019. /rebates/&252fripple-200m-series-tetragon.
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