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Sunday, May 16, 2021

Ripple Holds On To Intention To Go Public After SEC Lawsuit Is Settled

The CEO of SBI Group, the largest shareholder of Ripple outside the company, believes that the firm will hold an IPO without wasting much time after the SEC lawsuit has been settled. Ripple, one of the largest cryptocurrency companies, is far from giving up these plans.

The State Of Affairs In Ripple

Ripple is currently in a long-drawn legal battle with the regulators of the US on the other side. However, Yoshitaka Kitao, the CEO of the financial giants from Japan, stated that the company has steadfastly held on to these plans and will immediately enact them after the legal action has been brought to a conclusion.

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He spoke on Wednesday during a presentation call on earnings. Kitao further said that Brad Garlinghouse, the CEO of Ripple, and Chris Larsen, the executive chairman, are the major drivers behind the company’s plans of going public. On that note, Kitao added that the amount invested in the company by SBI will consequently pay off. SBI Group holds the most shares of the firm outside the firm.

Kitao also made a prediction that R3, the blockchain consortium will also have a public listing in the near future. R3 is another company of the industry that the SBI group actively supports. Kitao explained that his company’s basic strategy has been investing and spreading fintech technology throughout the industry.

Last year, Garlinghouse had hinted at such a listing when he predicted that initial public offerings would attract much more importance in the following 12 months. Since then, Coinbase has had a massively profitable IPO.

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The SEC lawsuit, in the meanwhile, alleges that Ripple Labs has $1.3B in securities offering that is unregistered. However, several legal victories have been attained by the firm since the start of the lawsuit. As such, investors have increasing hope concerning the final decision of the legal action.

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