![]() 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. 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. 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. 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. The statement continued: "Since there has been no such determination, this lawsuit has no merit. XRP lost 46% of its value since January 1, while the second worst performer, ETH, lost 6.4%.We are disappointed that Tetragon is seeking to unfairly take advantage of the lack of regulatory clarity here in the U.S. ![]() 2019 has been a year to forget for XRPĢ019 has been a very poor year for XRP so far as it is easily the worst performing top 10 cryptocurrency of the year. So far, the company has matched this plan with its actions – its Q3 2019 XRP sales amounted to $66.2 million, while it sold $251.5 million worth of XRP in Q2. Ripple periodically sells portions of its XRP holdings, although the company states it plans to reduce its XRP sales moving forward. ODL corridors involving the Phillipine peso and the Australian dollar are active as well, and there are also tests with transfers involving the Brazilian real. MoneyGram is now using the XRP-powered ODL product commercially, and it represents 15% of the company’s volume in the US dollar – Mexican peso corridor. Ripple has been pushing for the adoption of XRP – most notably, it signed a deal with remittances provider MoneyGram and invested a total of $50 million in the company. ![]() Ripple is the biggest holder of XRP, although a large portion of its holdings is locked up in escrow. Ripple says that the investment will also be used to increase the utility of XRP, a cryptocurrency that’s used in Ripple’s On-Demand Liquidity product for cross-border payments. Meanwhile, Brad Garlinghouse said that the $200 million was not a necessity for Ripple, but will provide balance sheet flexibility to the company. A Ripple spokesperson also told the publication that the company plans to hire up to 150 additional employees in 2020. The funding round was led by global investment firm Tetragon, with participation from Ripple-friendly SBI Holdings and Route 66 Ventures, the announcement says. As others in the blockchain space have slowed their growth or even shut down, we have accelerated our momentum and industry leadership throughout 2019.” Ripple is valued at $10 billion, but XRP has been underperforming its top 10 counterpartsĪccording to a Fortune report, the deal values Ripple at $10 billion. Ripple, a San Francisco-based blockchain startup focusing on the payments technologies, announced that it raised USD 200 million in Series C funding from a group of notable investors. The round was led by Tetragon, a New York-based investment firm. “We are in a strong financial position to execute against our vision. Ripple valuation rose to 10B after securing 200M of funding. Ripple CEO Brad Garlinghouse said that Ripple is positioned particularly well compared to some of its counterparts in the blockchain industry: SBI Holdings and Route 66 Ventures also participated in the investment. US-based fintech firm Ripple has scored another major investment – today, the company announced that it has raised a whopping $200 million in Series C funding in an investment round led by Tetragon. Despite seeing some use in cross-border transfers, XRP is the worst-performing top 10 cryptocurrency of 2019.Ripple secures $200 million Series C investment from Tetragon, SBI Holdings and Route 66 Ventures.
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