Ripple has suggested that it still plans to go public, even while tackling a lawsuit from the SEC. According to SBI Group Chief Yoshitaka Kitao, the blockchains payments firm is currently considering the public listing of its shares once the dispute over XRB has been settled with the Securities and Exchange Commission. SBI is currently the largest exterior shareholder of the crypto-company.
Kitao revealed his understanding of the situation as he addressed an earnings presentation call this week, stating that there is a high possibility of the company going public because Ripple Executive Chairman Chris Larson, and its CEO Brad Garlinghouse both support the bold move.
Yoshitaka Kitao, Group Chief at SBI, said:
After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.
SBI has made significant investments in innovative fintech over recent years, becoming a shareholder in Ripple and its main competitor, R3. The SBI Group Chief made it clear that the investment would be paid off upon the San Francisco firm’s confirmation of going public.
We have been investing in fintech companies, and we adopt that technology in our group, and also we spread that technology across the industry. That is SBI Group’s basic strategy.
Ripple CEO Brad Garlinghouse has made previous hints about the potential of a public offering from the firm, yet there has been no reported progress on the move since the initial speculation.
Brad Garlinghouse, CEO of Ripple, has previously stated:
In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first, and we’re not going to be the last, but I expect us to be on the leading side. It’s a natural evolution for our company.
While IPO rumours are reignited, Ripple continues to fight its large legal battle with the SEC in the US. The regulator has alleged Ripple had illegally amassed around $1.3 billion by selling off the unregistered security. The SEC also claimed that the XRP does fall within the security umbrella. Although Ripple has benefitted from a number of legal triumphs in the case so far, the industry still awaits a final verdict.
Experienced writer and journalist, working in the global online trading sector, Steffy is the Editor of LeapRate. She has previous experience as a copywriter and has been with the company since January 2020. Steffy has a British and American Studies degree from St. Kliment Ochridski University in Sofia.