SBI CEO: Ripple Will Go Public After Settling SEC Lawsuit

The largest outside-Ripple shareholder believes that the XRP-related firm will go public shortly after settling its lawsuit with the SEC.

April 30, 2021 | AtoZ MarketsRipple has not abandoned plans to conduct an initial public offering (IPO), despite a lawsuit with the SEC. This was announced by the CEO of the Japanese financial corporation SBI Holdings Yoshitaka Kitao during a teleconference.

In January 2020, Ripple CEO Brad Garlinghouse allowed an IPO. Then he noted that this step is the “natural evolution” of the company.

According to Kitao, the management of the Californian firm plans to move in this direction.

After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that,” Kitao said.

He added that SBI’s investment in Ripple will pay off after a potential IPO, calling the holding the company’s “largest outside shareholder”.

Against this background, Ripple’s XRP token is up 10.33% in the last 24 hours according to CoinMarketCap. The coin is trading at $1.54 at the time of writing.

Ripple and SBI Holdings entered into a partnership in 2016. As part of the agreement, they created a joint venture SBI Ripple Asia.

In December, SBI Holdings said the US Securities and Exchange Commission’s suit would not affect XRP’s status in Japan.

Recall that in February 2021, the SEC filed a modified version of the lawsuit, focusing on the individual responsibility of Garlinghouse and Ripple co-founder Chris Larsen.

On April 12, top managers filed a petition with the court demanding to reject the department’s claims.

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