Ripple wants to go public as soon as it buries the hatchet with the SEC
By Bob Garcia
If Ripple can get past its legal challenges, it wants to become a publicly-traded entity
Even though it has been a long time running since the legal battle that involves the US Securities and Exchange Commission (SEC) began, Ripple has no plans of abandoning its dream of going public. This is according to Yoshitaka Kitao, CEO of SBI Group, one of the entities invested in the cryptocurrency company and its XRP solution.
Kitao has made it clear that, even though this legal process continues to be exhausting, Ripple is still standing and determined to pursue the goal of becoming a public company. That plan will be put into action as soon as this whole legal situation brought by the SEC comes to an end. During an earnings presentation last Wednesday, Kitao expressed that this is also the thinking of Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen. “After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that,” Kitao said.
As CEO of SBI, a Japanese financial giant, Kitao has said that his investment in Ripple would begin to pay off once the company goes public, while also saying that Ripple currently has no major outside shareholder if not SBI. Ripple is not the only company currently invested in by SBI, as the R3 blockchain consortium has also been heavily backed by SBI and Kitao has predicted that it too will be another venture company to go public at some point. “We have been investing in fintech companies and we adopt that technology in our group and also spread that technology throughout the industry. That is the basic strategy of SBI Group,” Kitao said. This legal action kicked off in December last year when the SEC filed a lawsuit against Ripple Labs, as well as Garlinghouse and Larsen.