Ripple gunning for an IPO after settlement of lawsuit with SEC: CEO reveals
Ripple, a real-time gross settlement system, currency exchange, and remittance network, is possibly gunning for an Initial Public Offering (IPO) after its lawsuit with the U.S. Securities and Exchange Commission (SEC) ends. The CEO of the firm Brad Garlinghouse told CNBC in an interview.
Ripple to explore IPO soon
Ripple vs. SEC has been a battle raging on for years. The firm uses XRP tokens to settle cross-border payments in an efficient manner. Currently, XRP is the world's sixth-biggest cryptocurrency, with a market capitalization exceeding $19 billion. The fiat is first converted into XRP, a process that lowers the cost and increases the efficiency of a transaction, and then the XRP is converted back into fiat.In its lawsuit, SEC claims that Garlinghouse and executive chairman Chris Larsen were behind illegal securities offering through sales of XRP. On the other hand, Ripple argued that the digital coin should not be treated as a security. As per a report from Cryptonary, the presiding judge of the case, Sarah Netburn, made a ruling that led to "a very big win for Ripple," according to an XRP Community lawyer.
As per CNBC, the firm is looking for an IPO soon after scoring a big win for Ripple in the lawsuit against the SEC. Garlinghouse spoke to CNBC during the World Economic Forum Annual Meeting 2022 in Davos.
"I think we want to get certainty and clarity in the United States with the U.S. SEC. You know, I'm hopeful that the SEC will not slow that process down any more than they already have," Garlinghouse said. "But you know, we certainly are at a point in scale where that is a possibility. And we'll look at that once we're past this lawsuit with the SEC."
Business continues to grow
The crypto market is currently witnessing a bearish trend, and as per data from CoinGecko, XRP dropped by more than 42% in the last 24 hours. However, Garlinghouse said that the business for Ripple continues to grow as for the first quarter of the year, volume for On-Demand Liquidity totaled $8 billion versus $1 billion in the same period last year. On-Demand Liquidity is the name of the cross-border payments product that uses XRP."Our growth is almost all outside the United States. I think that'll probably persist until we get the clarity and certainty in the U.S. we've been seeking," Garlinghouse said.
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