Ripple president says company will remain private and rules out IPO

Monica Long, president of Ripple Labs, said in a Tuesday interview with Bloomberg that the company currently plans to remain private and ruled out an initial public offering.

Long addressed speculation that Ripple would go public after the firm reached a $40 billion valuation in November following a $500 million fundraise led by Citadel Securities and Fortress Investment Group. "Currently, we still plan to remain private," said Long, adding that Ripple is "in a really healthy position" to fund and invest in growth without tapping public markets.

Her remarks came months after the US Securities and Exchange Commission said it would wind down enforcement actions against Ripple, a development that had fuelled IPO talk. Long has repeatedly denied reports that Ripple was pursuing a public offering.

In December, the US Office of the Comptroller of the Currency conditionally approved applications from Circle and Ripple for national trust bank charters; BitGo, Fidelity Digital Assets and Paxos also received conditional approval to convert existing state-level trust companies into federally chartered national trust banks. Ripple’s application said its charter would "not be a stablecoin issuer" for Ripple USD (RLUSD). At the time of writing, XRP was trading at $2.20, down about 6% over the prior 24 hours and ranked fourth by market capitalization.

Key Topics

Crypto, Ripple Labs, Monica Long, Xrp, Citadel Securities, Fortress Investment Group