SAN FRANCISCO / LONDON (IT BOLTWISE) – Ripple, the company behind the XRP token, recently settled its protracted legal battle with the US Securities and Exchange Commission (SEC). Despite this development, Ripple is not currently planning an IPO, as President Monica Long explained at the Ripple Swell conference.
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Ripple, the San Francisco-based fintech company behind the XRP token, recently settled its nearly five-year legal battle with the US Securities and Exchange Commission (SEC). Despite this significant development, Ripple does not currently plan to go public, as President Monica Long stated at the annual Ripple Swell conference. This decision comes as a surprise as many other crypto companies have ventured public in recent years.
Monica Long emphasized that Ripple is in a fortunate position as the company is well capitalized and can finance its organic and inorganic growth initiatives as well as strategic partnerships from its own resources. This statement highlights the financial stability of the company, which recently closed a $500 million funding round led by Fortress Investment Group and Citadel Securities, valuing Ripple at $40 billion.
Ripple’s decision to forego an IPO ends years of speculation after several executives previously suggested that an IPO would be a natural progression for the company. Ripple CEO Brad Garlinghouse had already stated in 2020 that an IPO would be a logical step for the company. Nevertheless, Ripple seems to have other priorities at the moment, especially after resolving its legal dispute with the SEC.
The legal battle with the SEC, which began in 2020, involved a $1.3 billion lawsuit alleging that Ripple sold unregistered securities in the form of XRP. In August this year, both parties agreed to drop appeals in the case, which was hailed as a victory for Ripple and the crypto industry as a whole. This agreement also helped stabilize the price of XRP, which has long been under pressure from legal uncertainties.
While Ripple is not currently planning an IPO, other prominent blockchain companies such as Circle, Gemini and Bullish have ventured public in recent years. These developments show that the market for cryptocurrencies and blockchain technologies remains dynamic and constantly evolving. However, Ripple’s decision not to go public for the time being could also be seen as a strategic move to focus on other growth areas.
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