<div class="wrapper">
  <div class="wave one"></div>
  <div class="wave two"></div>
</div>

body {
  margin: 0;
  display: flex;
  align-items: center;
  justify-content: center;
  height: 100vh;
  background: #333;
}
.wrapper {
  flex-shrink: 0;
  width: 300px;
  height: 300px;
  background: #FFF;
  border-radius: 8px;
  position: relative;
  background: red;
  overflow: hidden;
}
.wave {
  position: absolute;
  width: 600px;
  height: 600px;
  margin-top: -450px;
  margin-left: -150px;
  background: rgba(255, 255, 255, .75);
  border-radius: 40%;
  animation: wave 16s linear infinite;
}
.wave.one {
  animation-delay: 0;
}
.wave.two {
  animation-delay: -2s;
}
@keyframes wave {
  from {
    transform: rotate(360deg);
  }
}