6/30/2023 0 Comments Ripple 200m series tetragon 10b![]() According to CoinDesk data, the cryptocurrency is up 3.12 percent on the day at $0.1934. XRP has seen a slight price bump as news of the investment spreads. 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. Related: Ripple Files Last Bid to Dismiss XRP Securities Lawsuit Before Court Meeting Earlier this month, Ripple moved to have the case dismissed, saying, along with other arguments, even if XRP were a security, the investor plaintiffs brought their case far too late for it to proceed. Ripple will be in court next month, defending its motion to dismiss a lawsuit claiming its sales of XRP were an unregistered security issuance. Blockchain payments firm Ripple has announced a 200-million Series C share buyback, a decision that will take the San Francisco-based tech firm to a record-high valuation of 15 billion. In its last financial report, Ripple said its total XRP sales for the third quarter of 2019 were worth $66.24 million, up from $251.51 million in the previous quarter. ![]() As part of the deal, MoneyGram will utilize Ripple’s products for cross-border settlements. It also partnered with MoneyGram, taking a near 10 percent stake in the remittance firm. Highlighting what it called its “strongest year of growth to date,” Ripple said its RippleNet payments network grew in 2019 to over 300 clients. The new stakeholders will further provide “invaluable industry insight and expertise” as Ripple grows its business, according to the announcement. The investment will allow the firm to further draw new international talent and “better serve” customers and partners, the firm said. ![]() The summary judgment motion remained under seal as of Friday.Related: Ripple’s Revamped Xpring Platform Looks to Boost XRP Development “With trial quickly approaching, the costs and inefficiencies associated with disrupting this case’s timeline, particularly when an appeal on a final judgment would be more appropriate for this contractual interpretation dispute, outweigh the potential benefits Tetragon asserts.”Īdditionally, Law360 also revealed that Ripple has taken initiative for summary judgment and also termination of the case after the rejection of the prefatory order, “with trial still scheduled for March 25 and 26. “Tetragon’s application does not identify any particular aspect of the court’s interpretation that was erroneous, much less a specific error on a substantial issue of material importance, qualifying the decision for state Supreme Court review before the case is decided by summary judgment or trial.”Īlso, Zurn reaffirmed the decision made on March 05 by saying that “Tetragon was not reasonably likely to prevail on the merits because neither the Wells Notice nor the enforcement action constituted a Securities Default pursuant to the plain language of the shareholders’ agreement.” Additionally, Zurn determined that XRP’s standing as a security is judged by the district court of the US and not by the filing by the SEC. Judge Zurn detailed in a 12-page decree that Tetragon was unable to demonstrate that a request of the tentative order requires “more than review of a contract interpretation, a category that the Chancery Court has generally deemed unworthy of interlocutory appeal.” ![]() Nevertheless, the biggest contributor to a Series C financing round that saw Ripple amass $175 million filed case on Ripple to repurchase its tokens following the filing of lawsuit by SEC, stating that it “triggered the risk of irreparable harm.”Īs Law360 states, the Chancery Court of Delaware has also objected Tetragon’s plea for an appeal with the state Supreme Court. The UK headquartered asset administration company controls only 2% of Ripple’s equity. Hence, Judge Morgan Zurn did not accept Tetragon’s demand for a prefatory injunction, and boosted the earlier enforced injunction prohibiting the sale of XRP. The court considered Tetragon’s assertion that a “securities default” is false, as there is presently no formal decree on the standing of XRP. After the court has passed a decree on March 05 that Tetragon is not eligible for stock redemption from Ripple, with rejection of appeal from Court of Chancery of the State of Delaware. Ripple Labs has received another success in its legal case with Tetragon Financial Group Limited. Market News Maby Kelly Cromley Ripple Wins Case Filed by Tetragon Financial ![]()
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