CEO Brad Garlinghouse confirmed Ripple is likely to go public at some point, while still preparing to launch many projects on the XRP ledger

According to information from CEO Brad Garlinghouse, Ripple still has the ability to go public and this rate will still be very high at some point, possibly after the blockchain giant’s legal battle with the U.S. Securities and Exchange Commission (SEC).


CEO Ripple, Brad Garlinghouse

CEO confirms: Ripple is likely to go public after its legal battle with SEC is over

The SEC filed a lawsuit against Ripple Labs and its executives — CEO Brad Garlinghouse and executive chairman Chris Larsen — in late 2020. The regulator alleges that defenders raised over $1.3 billion through security unregistered, ongoing digital asset securities offering – in the form of XRP – since 2013.

Notably, rumors about Ripple’s plans to conduct an initial public offering (IPO) have been circulating since the end of April. Specifically, Yoshitaka Kitao, CEO of the financial services company Japan’s main SBI Holdings has a stake in Ripple, saying that an IPO would offset the group’s investment.

Garlinghouse remarked during CoinDesk’s Consensus 2021 event yesterday:

“The likelihood that Ripple is a public company is very high at some point. In the middle of an SEC lawsuit, you know, we need to get that closed out. The good news was the court did grant Ripple’s motion. All we’ve asked for, for two to three years, is that regulatory clarity, and so I think this is progress.”

Accordingly, Kitao also shared:

“After the current lawsuit, Ripple will go public. The current CEO wants to do this. Chris Larsen wants to do this. We have been investing in fintech companies, and we adopt that technology in our group, and also we spread that technology across the industry. That is SBI Group’s basic strategy.”

Meanwhile, the ongoing legal battle with the SEC has not stopped Ripple from entering into new partnerships with foreign companies.

Garlinghouse notes:

“In fact, the United States is the only country around the world that has XRP as a security, every other country in which we work, they view it as a currency.”

However, Garlinghouse also admitted that Ripple had to suspend its relationship with MoneyGram, a major US payment processor, following the SEC lawsuit. Indeed, just days after the SEC filed the lawsuit, MoneyGram quickly distanced itself from Ripple, claiming that it does not use the ODL or RippleNet platforms to transfer consumer funds directly and is not a party to Ripple. join the action of the SEC.

RippleX has announced the launch of a community grants program for projects building on the XRP ledger

RippleX has announced the launch of a crowdfunding program for projects built on the XRP ledger. This is the RippleX Grants program, looking for open-source projects that advance the growing community around the XRP ledger.

Funding will be provided to projects focusing on the core technology of the XRP ledger as well as end-user applications. The RippleX Grants program further outlines the following five areas of focus for potential developers willing to participate:

  • Non-Fungible Tokens (NFTs)
  • Core infrastructure
  • Developer tooling
  • Developer UX
  • Security

The group encourages NFT-focused projects for the first round of funding applications. For the first round of applications for the grants program, the team at RippleX has requested developers to focus on Non-fungible Tokens (NFTs) on the XRP ledger. Examples of such NFT projects on the XRP ledger include marketplaces, launching platforms, wallet support, and tools and services for XRP ledger-based NFTs. The deadline is June 10 for the first round. Candidates are required to apply early and not have to wait until the last minute.

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