Ripple Labs Inc. CEO Bard Garlinghouse confirms the firm is opting for a public listing following the lawsuit.
Since last December, Ripple has been involved in a legal affair with the US SEC over unlicensed security offerings generating revenue of US$1.3 billion. So far, the latest trial has consisted of the court allowing the SEC to make requests of memoranda of understanding from overseas partners of Ripple. The future of the crypto firm lies in the hands of this case regardless; the CEO is still planning to go public.
Major Updates
- The lawsuit apprehended Ripple's public listing for 2020.
- XRP is a “zero inflationary token,” says Garlinghouse.
- Garlinghouse says XRP is more energy-efficient than Bitcoin.
- XRP is cheaper and faster unlike BTC and ETH, Garlinghouse.
At the Consensus meeting on May 27th, the CEO of Ripple Bard Garlinghouse had announced that the firm was going to move ahead with their plans to go public. This is said to kick off following the lawsuit against the SEC.
According to Garlinghouse, the plans had been discussed last year but it was never carried out due to the lawsuit. The plans have now been deferred to kick off this year and Garlinghouse has now confirmed it.
Even before Garlinghouse announced this, the CEO of the SBI group Yoshitaka Kitao had been the first to disclose it.
Garlinghouse further explained superior benefits of the XRP token over Bitcoin and Ethereum. He stated that XRP was a zero Inflationary coin unlike Bitcoin and Ethereum.
He noted cheaper and faster transactions with XRP when compared to coins like BTC and ETH. He also brought up the issue of Bitcoin’s less energy-efficient features and how XRP was superior with regards to energy use.
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He also mentioned that XRP’s supply was fixed therefore all coins to be created have already been created. Hence, XRP possesses a zero inflation dynamic feature. Furthermore, the consensus algorithm of the payment processor operates to stop the creation of more tokens.
Conclusion
As for Bitcoin, the maximum supply of 21 million tokens have not all been completely mined. This is similar to Ethereum which has no limited token supply.
Question of the Day
Do you think Ripple will be able to go public after the lawsuit?
