Yoshitaka Kitao, the CEO of SBI Group, has announced that an IPO could be included in Ripple’s future plans.
Kitao said this during a profit meeting with investors. The CEO stated that Ripple is just waiting for the lawsuit with the US Securities and Exchange Commission to settle before it moves forward with its IPO plans.
The SBI Group’s claims about Ripple’s initial public offering carry weight. The financial services company is Ripple’s largest third party investor in Ripple, so it can provide insider insight into the matter. SBI has invested heavily in fintech companies, including Ripple and its competitor R3. During the presentation of the call for results, Kitao stated that the SBI Group’s investment in Ripple will pay off after the IPO.
Kitao’s claim that Ripple will go public was backed up by previous statements from Brad Garlinghouse, CEO of Ripple, and Chris Larsen, executive chairman.
Kitao said: “Following the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that. “
Even before any litigation surfaced, Garlinghouse had discussed a possible IPO for Ripple.
In the past, Garlinghouse stated that he believed blockchain and cryptocurrency IPOs would become more common, and even mentioned that Ripple will be one of the crypto firms. He said, “In the next 12 months you will see IPOs in the crypto / blockchain space. We won’t be first and we won’t be last, but I expect us to be at the top. It is a natural development for our company. “
Crypto Firms That Bet On IPOs
Coinbase made history when it went public via a direct listing on the Nasdaq exchange earlier this month. The recent big debut paved the way for several crypto companies planning to go public next. Coinbase’s direct listing provides a test case for other cryptocurrency companies.
For several crypto firms, the decision to go public depends on financial interest in the market. While others may seize the moment right away, others may be stuck.
For example, the San Francisco-based Kraken Crypto Exchange is considering going public in 2022.
London-based crypto firm Blockchain.com is considering making a public debut and recently announced that it is carefully reviewing its options for the public market, albeit in no rush. Bakkt, BlockFi, eToro and Gemini are all considering debuts, as is Ripple, who is also considering going public.
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