Ripple Targets $50B Valuation With $750M Buyback Amid Major Partnerships

2 hours ago 1

Ripple is planning to repurchase shares from its employees and previous investors.

The past 24 hours have been quite eventful for Ripple.

According to Bloomberg, the company is launching a share buyback program that values it at roughly $50 billion.

The company’s plan is to repurchase up to $750 million in shares from employees and investors. The tender offer is expected to run through the month of April.

Recall that Ripple previously raised $500 million at a $40 billion valuation. This happened back in November last year. Investors in that round included Fortress Investment Group, Citadel Securities, and more.

As mentioned above, the last 24 hours saw Ripple get enlisted in Mastercard’s new Crypto Partner Program. The goal of that is to connect blockchain-based technology with the firm’s broad payments infrastructure.

Moreover, they also announced plans to secure an Australian Financial Services License. To do so, Ripple will be acquiring a local company called BC Payments Australia Pty Ltd, subject to finalizing the standard completion process.

That said, XRP’s price has remained flat on this most recent news. At the time of this writing, the cryptocurrency is trading at $1.39, up 0.7% in the past 24 hours.

About the author

Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over 8 years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping.

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