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Ripple wants go public after settling SEC lawsuit, SBI CEO says

April 29, 2021 Coin Telegraph

The largest outside Ripple shareholder believes that the XRP-related firm will go public shortly after settling its lawsuit with the SEC.

Major cryptocurrency company Ripple has not given up on its plans to go public, despite its ongoing legal battle with United States regulators, according to SBI Group's CEO.

Yoshitaka Kitao, CEO of Japanese financial giant SBI Group, claimed that Ripple plans to become a public company after the firm settles a legal action brought against it by the U.S. Securities and Exchange Commission.

Speaking on a Wednesday earnings presentation call, Kitao said that both Ripple CEO Brad Garlinghouse and executive chairman Chris Larsen are planning to take Ripple public:

“After the current lawsuit, Ripple will go public. The current CEO wants to do that. Chris wants to do that.”

Kitao said that SBI’s investment in Ripple would pay off following a potential public listing, noting that SBI is the largest outside shareholder of Ripple.

Kitao further predicted that blockchain consortium R3 — another industry company actively supported by SBI — will also go public one day.

“We have been investing in fintech companies and we adopt that technology in our group and also we spread that technology across the industry. That is SBI Group’s basic strategy,” Kitao state.

Garlinghouse hinted at a potential initial public offering last year, predicting that IPOs would become more prevalent in the crypto and blockchain industry. “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. It’s a natural evolution for our company,” he said.

As previously reported by Cointelegraph, the SEC filed a lawsuit against Ripple Labs as well as Garlinghouse and Larsen in December 2020, alleging that XRP was a $1.3 billion unregistered securities offering. The company has managed to achieve a series of legal victories, bringing more hopes from investors regarding the lawsuit’s outcome and driving XRP price above $1.4 — a level not seen since January 2018.

Ripple did not immediately respond to Cointelegraph's request for comment.

China’s blockchain project BSN to integrate R3 Corda

March 31, 2021 Coin Telegraph

Blockchain

Chinese banks will soon have access to a permissioned version of the Corda Enterprise infrastructure via the country's Blockchain Service Network.

Red Date Technology, one of the builders of China’s Blockchain-based Service Network, has obtained licensing rights from R3 to resell both the free and enterprise Corda implementations in China.

According to a press release by R3, the news marks the first occasion of the BSN developer being able to resell enterprise blockchain technology from an overseas company.

Since the R3 deal is with BSN China, developers will create a permissioned version of Corda to comply with Chinese blockchain regulations. Also, with banks reportedly being one of the likely users of the network, the country’s UnionPay cloud infrastructure will play host to BSN Corda notaries.

The partnership also offers an entry point for R3 into the Chinese market following the company’s significant expansion across Asia.

Commenting on the importance of integrating an enterprise blockchain project like Corda on the BSN, Red Date Technology CEO Yifan He remarked:

“Corda will go live in China via BSN’s Open Permissioned Blockchain Initiative to offer Chinese developers low-cost access to Corda technology. Red Date will also help to drive Corda and CorDapps’ adoption among all Chinese banks—enabling Chinese financial companies to streamline their business processes and receive the profound benefits of enterprise blockchain.”

According to the announcement, Chinese firms will have access to Corda Enterprise via BSN public city nodes from Q3 2021. Red Date Tech reportedly plans to include some Corda-based decentralized applications as part of the integration to bootstrap adoption for businesses that will utilize BSN Corda.

Since launching in 2020, BSN has continued to integrate several public blockchains to both the China-only and BSN international ecosystems. Back in February, Cosmos (ATOM) became the first public blockchain to be added to BSN China.

As previously reported by Cointelegraph, TON Labs inked a partnership deal with BSN developers to adapt the Telegram-built TON protocol for China’s blockchain project.

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