According to the CEO of SBI Group, major cryptocurrency company Ripple has not given up on its plans to go public, despite ongoing legal battles with US regulators.
Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, claimed that Ripple plans to become a publicly traded company after the company filed legal proceedings against the company by the U.S. Securities and Exchange Commission.
During a presentation call on Wednesday, Kitao said that both Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen plan to make Ripple public:
“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”
Kitao said SBI’s investment in Ripple would pay off following a possible public listing, noting that SBI is Ripple’s largest external shareholder.
Kitao further predicted that blockchain consortium R3 – another industry company actively backed by SBI – will one day also go public.
“We have invested in fintech companies and we are applying that technology in our group and we are also spreading that technology across the industry. That is the basic strategy of the SBI Group ”, says Kitao.
Garlinghouse hinted at a possible IPO last year, predicting that IPOs would be more common in the crypto and blockchain industry. “In the next 12 months you will see IPOs in the crypto / blockchain space. We will not be the first and we will not be the last, but I expect we will be in the lead. It’s a natural evolution for our business, ”he said.
As previously reported by Cointelegraph, in December 2020 the SEC filed a lawsuit against Ripple Labs, as well as Garlinghouse and Larsen, alleging that XRP was an unregistered $ 1.3 billion securities offering. The company has managed to pull off a string of legal victories, giving investors more hope about the outcome of the lawsuit and pushing the XRP price above $ 1.4 – a level not seen since January 2018.
Ripple did not immediately respond to Cointelegraph’s request for comment.