Coinbase was the first crypto startup to go public and won’t be the last.
Other suitors have already come forward as Kraken which plans an IPO in 2022, Ripple would also have stock market ambitions, once his problems with the SEC were resolved.
Ripple is indeed on trial against the SEC which considers its XRP token to be company stock and not just a crypto exchange token.
It’s the CEO of the Japanese company SBI Group, Yoshitaka Kitao, who spoke about Ripple’s stock market ambitions during the presentation of his group’s financial results.
SBI Group is Ripple’s largest outside shareholder, during a conference call, Yoshitaka Kitao has indicated the possibility of a future IPO of Ripple, a project backed by Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen.
“After the ongoing lawsuit, Ripple will go public. The current CEO wants to do this. Chris wants to do this, ”Kitao said.
In his statements, the CEO of SBI Group indicates that an IPO by Ripple would cover the group’s investment in the American crypto startup.
Due to the size of Ripple in the United States, it is certain that its managers and shareholders are considering a stock market destiny in order to join Coinbase but also other stock market giants such as Facebook, Amazon or Apple.
A pioneer in the crypto sector, Ripple intends to make history alongside Coinbase.
In the past, Ripple CEO Brad Garlinghouse has mentioned stock market ambitions:
“Over the next 12 months, you will see IPOs in the crypto / blockchain space. We’re not going to be the first, and we’re not going to be the last, but I expect us to be in the lead. It’s a natural evolution for our company. ”
The trial of the Securities and Exchange Commission has clearly come to thwart the current plans of Ripple which will first have to settle its legal concerns with the terrible SEC.
The administration has already bent other crypto startups that admittedly did not have the financial means of Ripple to defend themselves in court.
There is also this Friday a hearing with the judge in charge of the Ripple / SEC trial, the trials are long, cost a lot of money in legal fees, so we will have to wait for a possible agreement that will put an end to this suspenseful trial.
The fact that the CEO of SBI Group mentions a future IPO indicates that Ripple is aware that an agreement with the SEC will eventually arrive and that it can then effectively consider a future IPO.
The XRP price is currently around $ 1.38 / € 1.14 on Binance.