Ripple will explore a IPO after the conclusion of the lawsuit with the U.S. Securities and Exchange Commission (SEC). This was stated by the Ripple chief executive Brad Garlinghouse at the World Economic Forum in Davos.
Crypto firm Ripple will explore IPO after SEC lawsuit ends, CEO says https://t.co/aT14zfAz5H
— CNBC (@CNBC) May 25, 2022
“We are certainly at a stage of development where this [going public] is possible. And we will consider the matter once we finish the lawsuit with the SEC,” Garlinghouse said.
For 2021, RippleNet’s annual gross volume of operations reached $15 billion, in connection with the popularity of the On-Demand Liquidity (ODL) service. The company noted that the Asia-Pacific region has become “one of the largest participants in the dollar turnover of ODL.”
Garlinghouse said that the first-quarter 2022 results were at $8 billion and noted that the company continues to grow largely outside the United States. In March, RippleNet began using for international payments National Australia Bank and Canadian Imperial Bank of Commerce — two of the largest financial institutions in Australia and Canada, respectively.
In May, the fintech company announced a partnership with the Lithuanian provider of online money transfers FINCI.
“I think this is likely to continue until we get clarity and certainty in the United States, which we have been pursuing,” the head of Ripple stressed.
Earlier, Garlinghouse spoke of the need for clear regulation of the crypto industry. He cited Switzerland, Singapore, the United Kingdom and Japan as countries with more favourable regulatory foundations for developing technological innovations.
Earlier, Garlinghouse expressed optimism about the trajectory of the Ripple-SEC proceedings, anticipating its completion by the end of 2022.
The partner at the law firm Davis Polk, former SEC official Joseph Hall, said the Commission had high chances of losing the merits of the case. However, he expressed doubts about a swift end to the proceedings.
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