Crypto

Cryptocurrency »XRP in recovery and possible IPO for Ripple

According to the CEO of SBI, Ripple wants to go public after the settlement of the SEC lawsuit.

According to the CEO of the SBI group, the company behind XRP cryptocurrency has not abandoned its intention to go public, despite ongoing litigation with US regulators.

Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, said Ripple plans to go public after the settlement of a lawsuit filed against it by the US Securities and Exchange Commission.

Speaking on a teleconference presentation of the results on Wednesday, Kitao said that Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen are planning to release Ripple to the public:

“Following the ongoing litigation, Ripple will be made public. The current CEO wants to do this. Chris wants to do it.

Kitao said SBI’s investment in Ripple will pay off after a possible public listing, noting that SBI is Ripple’s largest outside shareholder.

Kitao also predicted that the R3 blockchain consortium – another industry company actively supported by SBI – will one day also go public.

“We have invested in fintech companies, are implementing this technology in our group, and we are also distributing this technology throughout the industry. This is the main strategy of the SBI Group, ”says Kitao.

Garlinghouse hinted at a potential initial public offering last year, predicting that IPOs will become more prevalent in the cryptocurrency and blockchain industry. “Over the next 12 months, you will see a crypto / blockchain IPO. We are not going to be the first and we will not be the last, but I expect that we will be the leaders. This is a natural evolution of our business, ”he said.

As Cointelegraph previously reported, in December 2020, the SEC filed a lawsuit against Ripple Labs, as well as Garlinghouse and Larsen, claiming the XRP cryptocurrency was an offering of $ 1.3 billion in unregistered securities. The company managed to achieve a number of legal victories, which gave investors more hope for the outcome of the lawsuit and raised the price of XRP cryptocurrency above $ 1.40 – a level not seen since January 2018.

Ripple did not immediately respond to Cointelegraph’s request for comment.

Source: Cointelegraph

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