Ripple’s CEO, Brad Garlinghouse took to Twitter to announce that his company has bought back its Series C shares which were sold to investors to raise funds in December 2019, at a $15 billion valuation.
Ripple which is linked to the XRP token, has been described in the cryptocurrency world as the ‘Banker’s Coin’, because its technology is designed to let banks and other financial services firms send money across borders faster and at a lower cost. The company also markets another product that utilizes XRP for cross-border payments called On-Demand Liquidity and also helps with the issuance of Central Bank Digital Currencies (CBDCs).
This news also comes while the Securities and Exchange Commission (SEC) case against Ripple is ongoing. In December of 2020, the SEC charged Ripple with allegations that its executives sold $1.3 billion worth of XRP in an unregistered securities offering. Ripple objected to the claims, saying that XRP should not be considered a security.