tl;dr
Ripple CEO Brad Garlinghouse discussed the company's decision to postpone an initial public offering (IPO) due to regulatory challenges in an interview with Fortune. Instead of an IPO, Ripple has been buying back shares from investors and employees. Garlinghouse also highlighted Ripple's competitive...
Ripple CEO Brad Garlinghouse discussed the company's decision to postpone an initial public offering (IPO) due to regulatory challenges in an interview with Fortune. Instead of an IPO, Ripple has been buying back shares from investors and employees. Garlinghouse also highlighted Ripple's competitive edge over the SWIFT network in global money transfers. He addressed the legal battle with the SEC over XRP's status, expressing optimism for a resolution soon. At the time of the interview, XRP traded at $0.58336.
In an interview with Fortune’s Andrew Nusca, Ripple CEO Brad Garlinghouse provided an overview of the company’s strategic roadmap, their cautious approach to an initial public offering (IPO), and Ripple’s competitive edge over the traditional SWIFT network.
A RIPPLE IPO CURRENTLY NOT ON THE TABLE
Garlinghouse was forthright about Ripple’s decision to hold off on an IPO amidst a challenging regulatory environment. He stated, “We have publicly said that we don’t have any imminent plans to try and go public. I mean why would you have in the current SEC. We’re not. I’m not very popular inside the walls of the SEC.”
Instead of preparing for an IPO, Ripple pursued a different strategy, revealed by Garlinghouse during the interview. “We have done a series of tender offers where we’ve been buying shares back from investors and employees,” the Ripple CEO revealed. “Now we’re in the middle of another tender offer and after we finish this we will have repurchased $4 billion dollar of stock from our shareholders.”
RIPPLE VS. SWIFT
Garlinghouse also commented on the company’s competitive stance against SWIFT, the global standard for financial messaging and cross-border payments. He criticized the outdated nature of current wire transfer systems, noting, “The SWIFT Network, I imagine everyone here at some point in your lives has done a SWIFT Transfer, a SWIFT enabled transaction, you call a wire transfer.” He highlighted the historical context, “The expression wire transfers, the etymology of that is a telegram wire, right, it’s not technology that has moved with the internet.”
Garlinghouse championed the transformative approach of Ripple, which can significantly reduce the friction involved in global money transfers. “We’re trying to let value move the way information moves today,” he explained.
WHEN WILL THE XRP LAWSUIT END?
Garlinghouse also touched on the prolonged legal battle with the SEC over XRP’s status, which resulted in substantial legal costs but ultimately a favorable ruling for Ripple. “We engaged in a three and a half year legal battle that culminated last summer. We won on the kind of core issue that XRP is not in and of itself a security,” he remarked. Speaking on the final remedies and penalty ruling, Garlinghouse expressed optimism for a soon-to-come resolution of the lawsuit.
At press time, XRP traded at $0.58336.
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