In an interview with CNBC, Brad garringhouse, CEO of ripple, a blockchain and cross-border payment solutions company, said that once the lawsuit with the US Securities and Exchange Commission (SEC) is over, ripple will explore the possibility of IPO (initial public offering).
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Ripo uses the world's sixth largest cryptocurrency, ripo coin (XRP), to promote cross-border payments. In fact, legal tender is converted to XRP, which reduces costs and improves transaction speed. The XRP is then converted back into legal tender.
However, the SEC accused ripple, garringhouse and Executive Chairman Chris Larsen of illegal securities issuance through the sale of XRP. Ripo believes that digital coins should not be regarded as a security, and this name will subject them to stricter regulatory scrutiny.
The lawsuit has been going on for nearly 15 months, and ripple expects it to end this year. After that, the company will consider going public.
At the world economic forum in Davos, "I think we want certainty and clarity in the United States through the SEC," garringhouse told CNBC. "You know, I hope the SEC won't be slower than they've slowed down. But you know, of course we're at a point of scale, which is possible. Once we end our lawsuit with the SEC, we'll consider that.".
Garlinghouse's comments came as the price of cryptocurrency plunged, causing the market to evaporate billions of dollars in value. XRP has fallen 42% in the past 30 days, according to coingecko.
At the 2022 World Economic Forum, garlinghouse was also invited to meet with Georgian Prime Minister irakli garibashvili to discuss blockchain technology and regulation.
Prime Minister garibashvili wrote in an official tweet: "had a wonderful conversation with ripple CEO Brad garringhouse! Share Georgia's vision for the future of blockchain and regulation. Through a business centric environment and innovative approach, our goal is to develop into a technology and innovation center. Share Georgia's story as the first country to introduce blockchain into public services".
Cryptocurrency related stocks were also hit hard. Coinbase shares fell 75% this year, while Robinhood, which offers digital currency trading, fell nearly 50%.
Gareth said the business continued to grow despite this. He said that in the first quarter of this year, its cross-border payment products using XRP (i.e. on-demand liquidity) had a total transaction volume of $8 billion, compared with $1 billion in the same period last year.