At the recent Paris Blockchain Week conference, Monica Long, the president of Ripple, highlighted how the closure of the lawsuit between Ripple and the SEC, along with the evolving regulatory atmosphere in the United States, is set to benefit the entire cryptocurrency industry.
Despite these optimistic developments, Long tempered expectations regarding Ripple’s potential plans for going public, dismissing recent reports that suggested an IPO was imminent.
Long elaborated on Ripple’s recent acquisition of Hidden Road, a prime broker, for $1.25 billion. This strategic move positions Ripple to leverage Hidden Road’s status as one of the fastest-growing prime brokers globally, offering institutions a comprehensive suite of services including clearing, prime brokerage, and financing across various asset classes.
“We are at an inflection point for the next phase of digital asset adoption – the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance,” said Brad Garlinghouse, CEO of Ripple.
The partnership with Hidden Road is expected to foster institutional involvement in the cryptocurrency sector, capitalizing on their $3 trillion yearly volume. The integration of Ripple’s recently launched stablecoin, RLUSD, as collateral within Hidden Road’s prime brokerage services further enhances this collaboration.
Reflecting on the conclusion of the SEC lawsuit, Long described it as a “big relief,” allowing Ripple to focus on expanding its business operations without the lingering uncertainty of litigation.
When questioned about the company’s IPO ambitions, Long expressed skepticism, pointing out that while such moves typically aim for greater visibility and liquidity, Ripple does not currently require these advantages. The firm remains committed to building a robust private enterprise for the foreseeable future, although she did not entirely rule out the possibility of pursuing an IPO should future market conditions necessitate additional capital and liquidity.
As Ripple navigates this transitional period in the crypto landscape, the insights shared by Monica Long at Paris Blockchain Week underscore the company’s strategic focus and adaptability in an evolving regulatory environment.
The post Ripple Shelves IPO Plans Even After SEC Lawsuit Closure, Says President at Paris Blockchain Week appeared first on CryptoPotato.
