Brad Garlinghouse: Ripple refuses to hold an IPO
CEO Brad Garlinghouse announced that the company is in the process of repurchasing shares for a total amount of about $285 million. The head of Ripple explained: the decision was made against the backdrop of negative dynamics of the digital asset market and uncertainty about the future prospects for regulation of the US crypto industry.
Brad Garlinghouse said that instead of previous plans to become a public company, Ripple Labs plans to regularly carry out a buyback procedure, which will guarantee the liquidity of assets to the remaining investors.
The US Securities and Exchange Commission (SEC) voluntarily dropped all charges against Brad Garlinghouse and company co-founder Chris Larsen regarding violations of securities laws.
