Ripple Plans to Buy Back $285M of its Shares
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Fintech company Ripple intends to invest $285 million in buying back its shares from early investors in the company, Reuters has reported.

Under the offer, which would result in the company's valuation reaching $11.3 billion, investors can sell up to 6% of their stake.

Ripple has reported it intends to spend $500 million on the entire program, including the cost of converting restricted securities into shares and taxes.

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Brad Garlinghouse, the company's CEO, has said Ripple has $1 billion in cash and $25 billion in cryptocurrencies, primarily XRP.

While he has ruled out that the company will go public in the US, he has promised to increase the share buyback program and conduct it on a regular basis.

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