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Blockchain infrastructure and payments company Vibe “has no plans” to go public, says Ripple president Monica Largo says.
“We don’t have a timeline for the IPO,” Long told Bloomberg at Ripple’s Swell conference in New York on Wednesday. “No plan, no schedule.”
Ripple’s decision to remain private stands in contrast to the broader industry trend this year.
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Several companies have taken advantage of rising cryptocurrency prices and favorable regulatory conditions in the presidency. donald trumpThe second term will enjoy fanfare of public launches. This includes stablecoin issuer Circle (NYSE:CRCL) and exchanges Bullish (NYSE:BLSH) and Gemini Space Station (NASDAQ:GEMI).
Meanwhile, the cryptocurrency exchange KrakenEthereum-focused development company ConsenSys and cryptocurrency-focused venture firm Animoca Brands among others, they are said to be planning public offerings.
Long told Bloomberg that Ripple could afford not to participate in the cryptocurrency listing boom because it remained well capitalized to sustain growth. He added that the company’s position has been strengthened by increased stablecoin adoption and regulatory clarity in the US and abroad.
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Still, Ripple has not totally refrained from raising capital. The company announced Wednesday that it had raised $500 million at a $40 billion valuation in a round led by Fortress Investment Group and Citadel Securities.
However, Long told CNBC on Wednesday that Ripple did not need the raise but saw it as an opportunity for strategic partnerships.
“We believe it makes sense to have them as strategic partners, as investors who will contribute to building the future,” he said.
Ripple this year has focused on expansion through acquisitions.
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The company acquired the main corridor. hidden path for $1.25 billion last month. In August, it announced a deal to acquire stablecoin platform Rail for $200 million. Last month, it announced plans to acquire a treasury management software company. Treasury for $1 billion and on November 4 announced that it had acquired the cryptocurrency wallet and custody company. Palisade for an undisclosed sum.