Fintech firm Ripple has launched a share buyback program valuing the company at approximately $50 billion. The company plans to repurchase up to $750 million in shares from employees and investors through a tender offer running in April. This move follows a series of significant developments for Ripple, including its inclusion in Mastercard’s new Crypto Partner Program and plans to acquire an Australian firm to secure a financial services license. Despite these corporate announcements, the price of XRP has remained relatively flat.
Ripple has initiated a share buyback program that values the company at roughly $50 billion. According to Bloomberg, the plan is to repurchase up to $750 million in shares from employees and previous investors.
The tender offer is expected to run through the month of April. This follows a previous fundraising round in November last year where Ripple raised $500 million at a $40 billion valuation.
Investors in that earlier round included Fortress Investment Group and Citadel Securities. The last 24 hours also saw Ripple enlisted in Mastercard‘s new Crypto Partner Program.
The goal of that program is to connect blockchain-based technology with the firm’s broad payments infrastructure. Furthermore, Ripple announced plans to secure an Australian Financial Services License.
To achieve this, Ripple will be acquiring a local company called BC Payments Australia Pty Ltd, subject to finalizing the standard completion process. Despite this news, XRP’s price has remained flat.
At the time of writing, the cryptocurrency is trading at $1.39, up 0.7% in the past 24 hours.
