The CEO of Ripple Labs, Brad Garlinghouse, said that he is bullish on Bitcoin as a store of value. But that wasn’t the only strong assertion he made at the event. The leading Ripple executive also said that he does not see the flagship cryptocurrency as a means of payment.
January 24, 2020, | AtoZ Markets – While talking at the World Economic Forum in Davos, Switzerland, Brad Garlinghouse, the CEO of Ripple has revealed that the tech company could go public as soon as within 12 months.
Is Ripple going to launch its IPO?
While at the event, Garlinghouse told the Wall Street Journal (WSJ) that this is the “natural evolution” for the company. Ripple SVP Asheesh Birla tweeted Garlinghouse saying.
“In the next 12 months, you’ll 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 on the leading side… it’s a natural evolution for our company.”
The news of Initial Public Offer (IPO) came after a month of raising $200 million in Series C funding, which valued the blockchain-based payment company at $10 billion. Series C funding is helping to boost valuation in anticipation of an IPO.
Overall, Ripple has raised $293.6 million in funding and now with the plans of an IPO, it remains to be seen how much it would raise this time.
Ripple CEO Bullish on BTC
Speaking with WSJ, he also said that there won’t be only one crypto, Bitcoin, to rule them all, however, he is “bullish on BTC as a store of value, but not for payments. You don’t want to use BTC at Starbucks b/c by the time you get your coffee, it’ll be cold.”
Further comparing Bitcoin and XRP’s energy consumption, he said,
“We’re here at Davos where climate change is a big topic… 1% of global energy consumption is Bitcoin mining – that is stunning! Running a validator on the XRP Ledger is like running a lightbulb.”
Ripple will remain incentivized in the success of XRP
Although not directly correlated with its digital asset XRP, trader Credible Crypto says, they are indirectly correlated. And because Ripple owns 60 billion out of the total 100 billion XRP,
“They will remain as incentivized as ever (even more so) in the success of XRP as a higher price will directly benefit their bottom line and thereby their shareholders.”
As AtoZMarkets reported yesterday, Ripple Q4 2019 market report saw a drop of 78% in XRP sales. The firm sold a total of $13.08 million worth of XRP in Q4 versus $66.24 million in the previous quarter. This is the lowest sales figure in the past three years. However, the total amount sold by Ripple so far has been $1.22 billion worth of XRP.
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