Ripple, the fintech known for its association with the XRP cryptocurrency, will buy back about $750 million of shares from investors and employees, which would put the company’s valuation at about $50 billion. The plans were first reported by Bloomberg, which cited sources familiar with the matter.
Ripple’s valuation has gone up about 25% since November, when it raised $500 million in a funding round backed by affiliates of Citadel Securities and affiliates of Fortress Investment Group, among others. Its growing valuation makes the company a rare recent success story in a crypto industry that has tanked since the tail end of last year. Bitcoin is down about 44% since its all-time high price of $126,000 in October, according to Binance.
