Brad Garlinghouse, CEO of blockchain firm Ripple, has hinted that the company could go public (IPO) sometime in 2020.
Ripple goes public?
In a tweet from Ripple’s senior vice president of product Asheesh Birla, blockchain firm Brad Garlinghouse was quoted as saying that the company had plans to go public within the next 12 months.
“In the next 12 months you will see IPOs in the crypto / blockchain space. We won’t be first or last, but I expect to be at the top… it’s a natural evolution for our company. ”- @ bgarlinghouse on # WEF20
– Asheesh Birla (ashgoblue) January 23, 2020
At the World Economic Forum in Davos, Garlinghouse voiced his views that Bitcoin (BTC) is more of a store of value than a method of payment. The CEO also said that going public is a natural progression for Ripple.
An excerpt from Birla’s tweet read:
“In the next 12 months you will see IPOs in the crypto / blockchain space. We won’t be first or last, but I expect to be at the top … it’s a natural evolution for our company. “
Ripple is the newest major player in the crypto space identified with going public. Grayscale Bitcoin Trust (GBTC) recently received SEC clearance as a reporting company, prompting commentators to highlight the possibility of the company going public.
$ 10 billion company
Despite the controversy over control of the XRP cryptocurrency, Ripple has been able to continuously attract investors. As BTCManager previously reported, the company has successfully mastered a $ 200 million Series C financing round led by investment firm Tetragon.
Upon completion of the Series C funding round, the blockchain payments startup reached a valuation of $ 10 billion and received nearly $ 300 million in funding from investors.
If Ripple opts for a public listing, the current legal battles could be a stumbling block. Disgruntled investors have taken the company to court, claiming that Rippe’s XRP sales are an illegal distribution of unlicensed securities.
For its part, Ripple claims that XRP is not a security as the token is not an investment contract. The federal regulators in the US have yet to issue a classification for the third-tier crypto token.
However, in its first ranking, the Crypto Ratings Council – a self-regulatory body created by major crypto players like Coinbase and Bittrex – classified XRP as a security.
On Wednesday (January 22, 2020) the company released its fourth quarter 2019 market report showing its business activity for the last three months of the year. According to the report, XRP sales for the quarter were $ 13.08 million, an 80 percent decrease from the numbers released in the Q3 report.
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