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Ripple considers IPO as SBI urges strategic move

Ripple considers IPO as SBI urges strategic move

GrafaGrafa2024/11/18 20:00
By:Isaac Francis

Discussions about a potential initial public offering (IPO) for Ripple (CRYPTO:XRP) have gained momentum, spurred by SBI Holdings CEO Yoshitaka Kitao’s remarks.

"Ripple should begin preparing for its IPO as soon as possible once the SEC matter is resolved," advocated Yoshitaka Kitao, CEO of SBI Group, in a recent social media post. 

This statement comes as XRP has risen to become the sixth-largest cryptocurrency by market capitalisation.

SBI Holdings, a major financial services company in Japan, has maintained a close alliance with Ripple since 2017 to enhance cross-border payment solutions.

Under Kitao’s leadership, SBI integrated Ripple’s blockchain technology into its services, reinforcing Ripple’s market position in Japan and the Asia-Pacific region.

Kitao has long supported Ripple, emphasising XRP’s potential as a global digital currency standard due to its efficiency and scalability.

Ripple CEO Brad Garlinghouse has previously indicated that an IPO is not a priority for the company, citing strong financial stability and the challenging U.S. regulatory landscape as factors.

However, with recent signs of potential regulatory shifts in the U.S., Garlinghouse expressed a more optimistic view.

He highlighted remarks by former President Donald Trump, who pledged to replace SEC Chair Gary Gensler if re-elected, as a positive sign for the crypto sector.

“We finally have a crypto president… It’s a totally new day, and I could not be happier,” Garlinghouse stated.

Ripple’s ongoing conflict with the SEC continues to shape its strategic decisions.

In July 2023, a federal court ruled that XRP was not inherently a security, a significant victory for Ripple.

However, the court also determined that Ripple’s institutional sales of XRP breached securities regulations, resulting in a $125 million fine.

The SEC has since appealed parts of the ruling, extending regulatory uncertainty.

At the time of reporting, the XRP (XRP) price was $1.17.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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