- XRP jumped 15% on Friday after a report that Ripple wants to go public.
- Ripple’s largest outside shareholder said it could go public after settling a lawsuit with the Securities and Exchange Commission.
- This shareholder is the Japanese financial giant SBI Group.
- Watch more stories on the Insider Business page.
XRP, the digital asset used in Ripple Labs’ payment network, surged on Friday after Ripple’s largest external shareholder said the cryptocurrency company wanted to go public after ending a legal dispute with the US securities regulator.
According to a Cointelegraph report, Yoshitaka Kitao, CEO of Japanese financial firm SBI Group, said on Wednesday that Ripple plans to go public after settling a lawsuit brought against it by the Securities and Exchange Commission.
On the earnings call, Kitao said Ripple CEO Brad Garlinghouse and CEO Chris Larsen were planning to go public with the company.
“Following the current lawsuit, Ripple will make it public. And the current CEO wants to do it. And Chris wants to do it,” Kitao was quoted as saying in Cointelegraph’s report.
XRP jumped 14% to $1.61 on Friday. Its value has increased by about 650% since the beginning of 2021.
In December, the Securities and Exchange Commission filed a lawsuit against Ripple Labs, Garlinghouse and Larsen, alleging that XRP was a $1.3 billion unregistered securities offering.
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