In an interview with Fortune's Andrew Nusca, Ripple CEO Brad Garlinghouse provided an overview of the company's strategic roadmap, its cautious approach to its initial public offering (IPO ) and Ripple's competitive advantage over the traditional SWIFT network.
Ripple's IPO is currently off the radar
Garlinghouse said Ripple has decided not to proceed with an IPO at this time. This decision was probably influenced by current regulatory uncertainty and the challenges Ripple is facing, especially with the SEC.
Brad Garlinghouse – CEO Ripple
The regulatory environment for cryptocurrencies and related technologies, such as the XRP token, is currently uncertain, making Ripple's IPO plans difficult.
This highlights the disagreement between Ripple and regulators, especially after the landmark court ruling last July, which determined that XRP is not a security. Ripple CEO shared about the company's strategy to buy back shares instead of conducting an IPO:
“I always view an IPO as a step in a journey, not the end of a journey. Instead of doing so, and this is news, we made a series of stock buyback proposals from investors and employees. Now we are in the midst of another acquisition proposal and once completed, we will have repurchased $4 billion worth of stock from shareholders.”
Ripple vs SWIFT
Garlinghouse also commented on the company's competitive stance with SWIFT, the global standard for financial messaging and cross-border payments. He criticized the outdated nature of current transfer systems, emphasizing the historical origins of “wire transfer” (a method of transferring funds electronically directly from a bank account). to another bank account through the intermediary banking system) originated in the era of telegraph services.
The Ripple CEO acknowledged the popularity of SWIFT in financial transactions, suggesting that most people have made at least one SWIFT-powered transaction in their lives. He points out that although SWIFT is widely used, its technology has not progressed in a way that matches the advances seen in internet technology.
He emphasized that Ripple is seeing a great opportunity to modernize and improve the limitations and inefficiencies of the traditional electronic funds transfer system, represented by SWIFT, by using its blockchain-based solutions. Ripple for faster and more efficient cross-border payments.
Garlinghouse advocates that Ripple's transformational approach could significantly reduce friction associated with global money transfers, similar to advances seen in digital communications. By drawing an analogy with the development of email protocols connecting disparate platforms, he emphasized Ripple's goal of facilitating similar interoperability between diverse payment networks. .
When will the XRP lawsuit end?
Garlinghouse also addressed the lengthy legal battle with the SEC over the status of XRP, which resulted in significant legal costs of $150 million but ultimately reached a judgment in Ripple's favor.
Speaking on the final remedy and sanction decision, Garlinghouse expressed optimism about an upcoming resolution of the lawsuit. He hopes that the judge will rule on key aspects of the case soon, expected within the next month or two.
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