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Thursday, June 30, 2022

SBI CEO Yoshitaka Kitao Reveals Ripple to Go Public after its Legal Battle with the SEC is Over

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CEO of Japanese financial services company SBI Holdings, Yoshitaka Kitao disclosed that Ripple has opted for an option to go public once its legal battle with the SEC will be over. The US SEC has lodged the litigation against Ripple, Brad Garlinghouse, and Chris Larsen in December last year. The litigation stated that that they grew over $1.3 billion through an unregistered digital asset securities offering.

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Kitao believes that after resolving this fight there is not obstacle on the way of Ripple to go public. It will follow other crypto related firms like Coinbase. His made an announcement during an earnings call. He said: “After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”

The recent announcement of Kitao hinted at the fact that the legal battle between SEC and Ripple is finally reaching the optimist point. Last year, Brad Garlinghouse has also provided a hint regarding the IPO of Ripple. He earlier mentioned that IPO is the more common feature of crypto and blockchain-related firms. SBI which is the largest shareholder of Ripple indeed has a concern in Ripple IPO.

Coinbase IPO

Santosh Rao is the head of research at Manhattan Venture Partners. He disclosed that the largest and prominent crypto-related firm to go public so far is Coinbase. Coinbase has provided the template for other firms that wants IPO.

While many are of the belief that the price of crypto firms’ shares will be strongly related to the price of cryptocurrencies or to the crypto market cycles, crypto industry IPOs are clearly turning into a reality.

Furthermore, Fortune disclosed that many crypto-related firms are planning for an IPO such as Kraken Exchange shows its intention of IPO in 2022 and other firms such as Gemini Crypto Exchange, eToro, BlockFi, Bakkt, and others are also planning the same.

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