According to Garlinghouse, everyone at Ripple can not wait for everything to be over, and normalcy returns to Ripple and XRP. While that is good news enough for now at Ripple, the legal tussle between Ripple and the U.S SEC is still far from being over. However, the Ripple team is delighted that Delaware’s Court of Chancery has moved against the opportunistic actions of Tetragon, who is believed to wanting to profit off an uncertain situation. Garlinghouse and the Ripple team believe that the court should dismiss the case, as all evidence suggests that RIpple is not guilty of any of the charges. In Ripple’s official response to Tetragon’s filling, Ripple explained that their legal team is currently working to resolve each of the false allegations labeled against them by the U.S SEC, and they insist they are innocent.Įarly last week, Brad Garlinghouse, Ripple’s CEO, was reported to have submitted two statements against the SEC rulings to the court. Ripple believed that the U.S SEC case against it had been handled unfairly with too much Bias. Now Ripple is buying it all backat a premium.
#RIPPLE SERIES TETRAGON SERIES#
Ripple believes that Tetragon wants to take advantage of the SEC allegations against them to rip them off. At the end of 2019, Ripple raised 200 million in Series C funding led by Tetragon and joined by SBI Holdings and Route 66 Ventures.
The firm was the largest contributor to a Series C funding round and holds 175 million of Series C shares. Subsequently, Tetragon Financial Group LTD, a UK-based asset management firm, also sued Ripple and demanded to buy back its shares. In response to Tetragon’s filling, Ripple has fired back at how disappointed they are at the British fund managers. As reported by CNF, Ripple Labs was sued by the SEC for selling XRP as a security without registering it. The court had now ruled out the case and has informed Tetragon that the case will likely be reviewed after Ripple and the U.S SEC have come into an agreement under the law on the classification of XRP.
#RIPPLE SERIES TETRAGON TRIAL#
Unfortunately for the British fund managers, the court had ruled out the case against Ripple, believing that XRP is not securities at the moment, as the case is still under trial in court. Surprisingly, Tetragon is now filing a case to withdraw their Ripple shares, as the court had deemed XRP security a month before their filing. Plaintiff, through its affiliates (collectively, 'Tetragon'), holds a majority of Ripple's Series C preferred stock. Plaintiff Tetragon Financial Group Limited is an investment company. The terms of the Series C funding included a clause that allows Tetragon to redeem their share value in Ripple, should XRP be considered a security. It uses a cryptocurrency called XRP in its payment network, and hosts a platform, RippleNet, to facilitate transactions. That automatically places the British fund managers as one of the largest investors in RIpple. Tetragon was part of the venture capital that raised more than $200 million in Series C funding for Ripple two years ago. The claims of Tetragon have now been ruled out by the Court of Chancer in Delaware, with the court ruling that the British fund manager’s claim was invalid. The rumors surrounding the blocking of Tetragon from withdrawing their stocks by Ripple are believed to be fuelled by Ripple’s ongoing trials with the U.S SEC.
Tetragon Financial Group had demanded its stock investment fund earlier in January and confirmed that Ripple had blocked their request. The crypto payment company has reportedly blocked a bid from one of its leading investors, Tetragon, who was looking to cash out on $175 million worth of stock in the crypto company. The filings were not immediately available at press time.Ripple, the parent company of XRP, not new to controversy, is in the news again. The courts will provide this clarity and we are very confident in our position.” 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 a legal filing shared with CoinDesk the fintech said Tetragon can only opt to flip its Ripple equity back to cash “if XRP is deemed to be a security on a go forward basis.”
In the meantime, Tetragon wants the court to essentially freeze Ripple’s liquid assets until it pays.
Tetragon seeks to “enforce its contractual right to require Ripple to redeem” Series C preferred stock, Bloomberg reported. Related: Market Wrap: Bitcoin Breaks $34K as Ether Futures Interest Jumps $350M in a Day
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