Brad Garlinghouse, CEO of Ripple, has revealed the company's strategic direction. He spoke about IPO plans, competition with SWIFT, and ongoing legal battles. The interview with Fortune's Andrew Nusca shed light on Ripple's current position.
Ripple is holding off on an IPO. The regulatory environment is tough. Garlinghouse didn't mince words. "We don't have any imminent plans to try and go public," he said. "Why would you have in the current SEC? We're not. I'm not very popular inside the walls of the SEC."
Instead, Ripple's taking a different tack. They're buying back shares. "We have done a series of tender offers," Garlinghouse disclosed. "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."
Garlinghouse took aim at SWIFT. He called out the outdated nature of wire transfers. "The expression wire transfers, the etymology of that is a telegram wire," he pointed out. "It's not technology that has moved with the internet."
Ripple's goal? Make money move like information. Garlinghouse explained, "We're trying to let value move the way information moves today." He likened it to email protocols connecting isolated platforms.
The company's been in a legal tussle with the SEC. It's been costly. "It was $150 million of legal bills along the way," Garlinghouse revealed. But they won a key battle. XRP was ruled not to be a security.
The lawsuit isn't over yet. Garlinghouse is hopeful for a quick resolution. "There are a couple things that I'll call cliffhangers that the judge should rule on imminently," he said. He's expecting a decision within two months.
Ripple's fighting on multiple fronts. They're taking on SWIFT. They're navigating regulatory waters. And they're buying back shares instead of going public.
The company's strategy is evolving. They're adapting to challenges. Garlinghouse's comments show a firm looking to the future while dealing with present hurdles.
XRP, Ripple's cryptocurrency, was trading at $0.58336 at the time of the interview.