Crypto fintech Ripple talks about foreign IPO

Brad GarlinghouseBrad Garlinghouse

Brad Garlinghouse, CEO of Ripple Labs during PBWS 2022 –

Ripple inquires about the possibility of making a initial public offering not available at from United States due to thehostility of the SEC towards companies specialized in crypto.

On Tuesday, at the World Economic Forum in Davos, Switzerland, the CEO of Ripple said on CNBC that his company had explored markets outside the US for an IPO.

Read:  Crypto wallet Trust Wallet undergoes rebranding

Brad Garlinghouse justified this choice by the “hostile” attitude of US regulator SEC towards players in the crypto ecosystem. According to him, several jurisdictions offer clearer rules than Uncle Sam’s country.

In the U.S., trying to go public with a very hostile regulator who approved your S-1 doesn’t sound like much fun to me,” he said, illustrating his remarks with the SEC’s prosecution of listed exchange Coinbase, whose Form S-1 had initially been approved.

The executive clarified, however, that Ripple had paused its plans to go public for the time being, and that an IPO was “not an immediate priority”.

Read:  Safary raises $2.4M to create the Google Analytics of Web3

Ripple, which won a partial victory against the SEC last year, recently completed a $285 million share buyback. The deal would value the fintech at $11.3 billion, according to sources.

Garlinghouse stated that the company had repurchased $1 billion worth of shares to date, but gave no further details.

“You know, shareholder liquidity is important to me. We have investors who first invested in Ripple in 2012. So they’ve been involved in this transaction for eleven and a half years. So we want to provide that liquidity, which is one of the reasons we launched these tender offers,” he explained.

Recently, another major US crypto firm, stablecoin issuer Circle, announced that it had filed to make an IPO in the US.

Keep up to date with crypto news on our Twitter or Telegram

The Best Online Bookmakers March 04 2024

BetMGM Casino