Wall Street Saw Ripple as 90% XRP — Offered $500M, but With Safety Net: Bloomberg

Ripple’s $500 million share sale last month brought in some of the biggest names in global finance but only after investors secured a suite of downside protections that more closely resemble structured credit than a typical venture round, according to a Bloomberg report. Citadel Securities, Fortress Investment Group, Marshall Wace, Brevan Howard–linked vehicles, Galaxy Digital and Pantera Capital participated in last month's funding round at a $40 billion valuation, the highest ever for a privately held c ...