Tetragon, a firm that led Ripple’s $200 million Series C round in 2019, is now suing Ripple. The lawsuit by Tetragon comes after the SEC sued Ripple, alleging that XRP is a defense. Ripple argues that XRP was not considered a defense, leaving Tetragon’s case without merit.
Investment firm Tetragon, which in 2019 led Ripple’s $200 million Series C investment round, is now suing Ripple to make the corporation redeem Tetragon’s Series C preferred shares. Tetragon aims to “block Ripple from using any cash or other liquid assets until the payment is made,” according to a Bloomberg report.
In a post on its official website, Ripple posted a brief response to Tetragon’s complaint, arguing that Tetragon has the right to redeem its equity in Ripple if the XRP cryptocurrency is “deemed to be a security on a forward-looking basis.” The company added, however, that because XRP has not been determined to be a protection, the lawsuit by Tetragon is meritless.
Tetragon’s case is the result of a lawsuit brought against Ripple by the Securities and Exchange Commission, in which the Regulator alleges that Ripple’s XRP sales are an unregistered offering of securities. Ripple, meanwhile, argues that XRP is not a defence, and will look to prove its case in court.
Another in a series of negative developments following the SEC’s complaint against Ripple is Tetragon’s lawsuit against Ripple. Despite Bitcoin gaining over 80 per cent in the same period, XRP cryptocurrency has decreased by 57 per cent in the last month, making XRP by far the worst performer in the top 50. After the SEC made it public that it regards XRP as safe, a host of exchanges of cryptocurrencies replied by either fully de-listing XRP or restricting their services related to XRP.
Interestingly enough, in the past 24 hours, XRP has shown some signs of life today, gaining about 11 per cent. The Tetragon litigation news did not seem to have any impact on the XRP markets, with the price continuing to range from $0.20 to $0.25.
As per per Previously Reports There is Some list of Banks that working on Cryptocurrency Solution.