Blockchain payments firm Ripple has initiated a significant share buyback program, aiming to repurchase up to $750 million in shares from employees and investors, which values the company at approximately $50 billion. According to a Bloomberg report, the tender offer is scheduled to run through the month of April.
This move follows a previous, less successful buyback attempt in September, where Ripple sought to buy back $1 billion worth of shares at a $40 billion valuation but faced low participation from shareholders. The company had previously raised $500 million at that $40 billion valuation in November last year, with investors including Fortress Investment Group and Citadel Securities.
Concurrently, Ripple has secured a major partnership, being enlisted in Mastercard's new Crypto Partner Program. This initiative aims to integrate blockchain-based technology with Mastercard's extensive global payments infrastructure. Furthermore, Ripple has announced plans to acquire Australian company BC Payments Australia Pty Ltd., a step toward securing an Australian Financial Services License, pending standard completion processes.
Despite these corporate developments, the price of Ripple's associated digital asset, XRP, has shown a muted reaction. At the time of reporting, XRP was trading around $1.39, reflecting a minor increase of 0.7% over 24 hours. The token continues to face broader market challenges, recording losses of 4-5% over the past one to two weeks.
