Crypto Biz: How Ripple quietly convinced Wall Street

Despite a difficult legal battle with the SEC, Ripple has advanced its ambitions to integrate blockchain technology into custody, treasury, and prime-brokerage services, successfully winning over major Wall Street players. The company achieved a $40 billion valuation after raising $500 million from investors including Citadel Securities and Fortress Investment Group. Reporting indicates this deal was secured by offering participants significant downside protection, allowing them to sell shares back to Ripple after three to four years for a guaranteed 10% annualized return, or a 25% return if Ripple repurchased them. While Ripple is expanding into stablecoins and brokerage acquisitions, some backers were also motivated by expectations for future XRP performance. Separately, the article notes other traditional finance moves, including WisdomTree launching a tokenized fund tracking an options-income strategy, Bitwise shifting its crypto index fund to NYSE Arca, and Jack Mallers’ Twenty-First Capital debuting on the NYSE.

(Source：Cointelegraph)