Key Takeaways
- Ripple has no immediate plans to go public through an IPO, as stated by President Monica Long.
- The company is well-capitalized and not under pressure to go public anytime soon.
Crypto-focused financial technology firm Ripple has no immediate plans for an IPO, according to President Monica Long. She made the statement at the Ripple Swell conference this week, emphasizing the company’s strategic independence from the public markets.
Long told Bloomberg that Ripple is well-capitalized and able to fund all its growth initiatives without the need for an IPO. The company announced yesterday that it had secured $500 million in a funding round led by Fortress Investment Group and Citadel Securities, valuing the company at $40 billion.
Ripple’s approach diverges from other crypto firms that have moved toward public markets.
The Ripple Swell conference serves as Ripple’s annual event for discussions on blockchain innovations and company updates, where executives regularly share strategic direction with industry participants.
At last year’s Ripple Swell conference, CEO Brad Garlinghouse said an IPO was not a priority due to the company’s strong financial position and SEC legal challenges. The multi-year battle officially ended earlier this year when Ripple and the SEC agreed to drop their appeals.
Source: https://cryptobriefing.com/ripple-no-ipo-plans-moncia-long/
