According to the CEO of SBI Group, despite a protracted legal battle with United States regulators, Ripple, a major cryptocurrency company, has not given up on its plans to go public in the United States.
It has been resolved that the Securities and Exchange Commission of the United States has filed a legal action against Ripple.
Yoshitaka Kitao, the CEO of Japanese financial behemoth SBI Group, has stated that Ripple intends to go public once the legal action against the company is resolved.
According to Kitao, Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen intend to take the company public in the near future, according to a Wednesday earnings presentation call. Ripple is based in San Francisco.
Following the conclusion of the current lawsuit, Ripple will make its public debut in a few short weeks.
The current CEO is dedicated to achieving this objective. In this regard, Chris expresses an interest in taking part in this way.
“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”
Kitao believes that SBI’s investment in Ripple will pay off as a result of the potential public listing of the company, pointing out that SBI is the company’s largest outside shareholder and that SBI is currently the company’s largest shareholder.
According to the Financial Times, Kitao also predicted that the blockchain consortium R3 — another industry company that has received active support from SBI — would go public at some point in the future.
In addition to investing in fintech companies, we have implemented that technology within our own organization and promoted it throughout the financial services industry as a result of our investment.
According to Kitao, achieving this goal is at the heart of the SBI Group’s fundamental strategy.
Earlier this year, Garlinghouse predicted that initial public offerings (IPOs) would become more common in the crypto and blockchain industries, which appeared to be a hint at a potential IPO of the company’s own.
It is expected that initial public offerings (IPOs) in the cryptocurrency and blockchain space will take place within the next 12 months.
However, we do not expect to be the first or the last in any field, but we do expect to be at the forefront of innovation in some fields.
His justification for the move was straightforward: “It’s a logical progression for our organization at this point.”
As previously reported by Cointelegraph, the SEC filed a lawsuit against Ripple Labs, as well as Garlinghouse and Larsen, in December 2020, alleging that XRP was a $1.3-billion unregistered securities offering. Ripple Labs, Garlinghouse, and Larsen were all named as defendants in the lawsuit.
In the lawsuit, Ripple Labs, Garlinghouse, and Larsen were all named as defendants.
In response to the allegations leveled against them, Ripple Labs, Garlinghouse, and Larsen have all issued statements of denial.
Because it has won a number of legal victories, investor expectations about the outcome of the lawsuit have increased, and the price of XRP has risen above $1.4, a level not seen since January 2018.
Ripple did not immediately respond to any request for comment.