Ripple plans to go public once ongoing lawsuit with SEC ends

0


After dealing with the lawsuit from the US Securities and Exchange Commission, Ripple's leadership will go public with the blockchain payments firm. This is the opinion of Yoshitaka Kitao, CEO of Japanese financial giant SBI Holdings.

Kitao, who is also a member of Ripple's board of directors, opined during an earnings call that Ripple would opt for a direct stock listing, adding that both CEO Brad Garlinghouse and CEO Chris Larsen want the deca-unicorn to go. move in that direction.

“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that. "

The move would see Ripple listed on an OTC market where its shares will be publicly traded and available to retail and institutional investors alike. The IPO will impose new requirements on Ripple and could lead to fascinating changes in the structure and production of the company.

Speaking at the World Economic Forum in Davos in January 2020, Ripple CEO Brad Garlinghouse indicated that the company's IPO would be a "natural evolution."

“In the next 12 months, you will see IPOs in the crypto / blockchain space. We will not be the last, but I hope we are in the lead… It is a natural evolution for our company ”.

But these plans have apparently been postponed, at least for now. Coinbase, the largest cryptocurrency exchange in the United States, already presented its COIN shares through a direct listing on Nasdaq earlier this month. Meanwhile, Ripple is currently mired in an epic legal dispute with the SEC.

The Ripple-SBI relationship

SBI Holdings is one of Ripple's most important trading partners. In 2016, the two launched a joint venture, SBI Ripple Asia, to drive the adoption of XRP in the region. In addition, they created an XRP-powered cash transfer app called Money Tap, which has had the participation of several Japanese banks.

The crypto-friendly financial giant has also allowed its shareholders to receive benefits in XRP for two consecutive years since January 2020. Additionally, CEO Kitao express publicly his fondness for XRP, a token that is not considered a security in Japan.

Most cryptocurrency companies and exchanges dissociated from Ripple shortly after the SEC took legal action against the company. However, Kitao revealed that his firm would continue the partnership with Ripple as it seeks to expand its position in Asia.

"I am optimistic that Ripple will prevail in the final ruling in the United States," proclaimed at that moment.





Leave A Reply

Your email address will not be published.

fifteen − 11 =