Crypto Companies Pursue Public Offerings
As the number of crypto-focused financial technology companies preparing for initial public offerings (IPOs) increases, Ripple has sent a clear message about its own plans: The company has no immediate agenda for an IPO.
“We don't have an IPO timetable. There's no plan, there's no timetable,” Ripple President Monica Long told Bloomberg in an interview at the Swell conference in New York.
The sharp rise in the crypto asset market in the first nine months of the year led many companies to pursue public offerings.
This year, Circle, Bullish, Gemini, and blockchain lending platform Figure Technologies have all held IPOs. US-based cryptocurrency exchange Kraken is also preparing for an IPO.
Ripple Secures Significant Funding Round
Ripple announced on Wednesday that it had raised $500 million. The round, which valued the company at $40 billion, was led by funds affiliated with Fortress Investment Group and Citadel Securities. Pantera Capital, Galaxy Digital, Brevan Howard, and Marshall Wace also participated in the round.
Long highlighted Ripple's strong financial position, saying that the company can easily finance all its organic and inorganic growth, strategic partnerships, and operations with its own resources.
While Long declined to disclose Ripple's 2024 revenue, he noted that their customer base has doubled quarter-over-quarter.