Brad Garlinghouse, CEO of payment-focused tech startup, Ripple believes that crypto-related companies will begin to go public within the next twelve months and that Ripple will be right there in the mix.
Garlinghouse made the comments while speaking to journalists from the Wall Street Journal at the World Economic Forum in Davos, Switzerland labeling an initial public offering (IPO) as a “natural evolution” for the company.
Ripple clearly seems to be on the path to going public having raised $200 million in December in a Serie C funding that brought the company’s valuation to $10 billion. Commenting on their growth and the next step for crypto companies, Garlinghouse reportedly told journalists:
“In the next 12 months, you’ll see IPOs in the crypto/blockchain space. We’re not going to be the first and we’re not going to be the last, but I expect us to be on the leading side.”
Notably, talks of an upcoming IPO for Ripple come off the back of an annual report by the company which confirmed that it only sold $13.08 million in XRP, an 80% drop from the preceding quarter.
Meanwhile, while Ripple continues to thrive with landmark banking partnerships and other milestones, XRP, the native digital asset for the XRP Ledger has experienced a massive decline throughout 2019 and even at the start of this year.
Long-term holders of the cryptocurrency fear that it could become extinct since it doesn’t represent ownership in the company, a point highlighted by the latest IPO talks.
Despite a near $9.7 billion market cap and a recent integration with BitPay, XRP at press time was trading at $0.22, and over 97% decline from the all-time high of $3.40 which the coin reached at the peak of the 2017 bull market.