Ripple plans to go public after settling lawsuit with regulators – reports

Ripple plans to go public after settling lawsuit with regulators – reports

Author: RT
This post originally appeared on RT Business News

Ripple plans to go public after settling lawsuit with regulators – reports

Major cryptocurrency company Ripple has not given up on its plans to go public and could file for the listing after it settles a legal action brought against it by the US Securities and Exchange Commission (SEC).

That’s according to Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, who said that both Ripple CEO Brad Garlinghouse and its executive chairman, Chris Larsen, are planning 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 during an earnings presentation call, as quoted by the Cointelegraph.

He added that SBI’s investment in Ripple would pay off following a potential public listing while the firm is the largest outside shareholder of Ripple.

“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,” Kitao said.

Also on rt.com Ripple’s XRP cryptocurrency surges in what may be another coordinated buying frenzy

Speaking at the World Economic Forum in Davos in January 2020, Ripple’s CEO suggested that the company could go public in the next 12 months. “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,” Garlinghouse said.

In December, the SEC filed a lawsuit against Ripple Labs, as well as Garlinghouse himself and Larsen. The US regulator alleged that the XRP token was classified as a security and accused Ripple and the two executives of raising more than $ 1.3 billion through an “unregistered, ongoing digital asset securities offering” to investors beginning in 2013.

Since then, the company has managed to achieve a series of legal victories, while the price of XRP has risen above $ 1.40, a level not seen since January 2018.

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