53 Interactions, 4 Today
The biggest outside-Ripple shareholder expects the XRP-related company will go public soon after settling its SEC case.
According to the CEO of SBI Group, major cryptocurrency firm Ripple has not abandoned its intentions to go public amid its pending legal dispute with US regulators.
Yoshitaka Kitao, CEO of Japanese financial conglomerate SBI Group, said that Ripple intends to go public after it resolves a legal suit brought against it by the US Securities and Exchange Commission.
Kitao said on a Wednesday earnings call that both Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen want to take Ripple public:
“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”
Kitao said that SBI’s investment in Ripple will pay off after a possible public offering, adding that SBI is Ripple’s biggest outside shareholder.
Kitao also expected that blockchain consortium R3 — another industry organisation strongly funded by SBI — will go public at some stage.
“We have been investing in fintech companies, and we have adopted and spread that technology throughout the industry. It is the fundamental strategy of SBI Group,” Kitao stated.
Garlinghouse hinted at an IPO last year, predicting that IPOs will become more popular in the crypto and blockchain industries. “There will be IPOs in the crypto/blockchain space in the next 12 months.” We’re not going to be the first or the last, but I want us to be on the cutting edge. “It’s a natural progression for our company,” he said.
As previously published by Cointelegraph, the SEC filed a lawsuit in December 2020 against Ripple Labs, Garlinghouse, and Larsen, arguing that XRP was a $1.3 billion unregistered stock offering. The firm has won a string of court wins, raising market expectations about the outcome of the case and pushing the price of XRP past $1.4 — a pace not seen since January 2018.
Ripple did not respond immediately to Cointelegraph’s request for comment.