Circle and Ripple Potential IPOs in 2024
According to a report by Bloomberg, Circle, the company behind USDC, is considering an initial public offering (IPO) in early 2024. The company has raised funds from investors like Goldman Sachs, BlackRock, and Fidelity and had a $9 billion valuation when it tried to go public in 2022. Although there’s no guarantee that it will proceed with the IPO, Circle has long aspired to become a publicly traded US company.
While the valuation for Circle’s potential IPO is uncertain, there has been speculation about Ripple Labs going public as well. However, Ripple’s legal battle with the US Securities and Exchange Commission (SEC) could potentially delay any plans for an IPO in 2024.
Ripple Launches New Payments Product
Ripple has announced its latest cross-border payments product, Ripple Payments, designed to improve the speed, efficiency, and cost-effectiveness of cross-border payments using blockchain technology. The updated solution offers rapid onboarding and expanded access to Ripple’s global network while integrating with the XRP Ledger decentralized exchange (DEX), expanding its crypto liquidity options.
This product evolution allows customers to tap into crypto utility without being an expert in using the technology. A single onboarding experience, managed by Ripple, enables moving value at any time as fast and low-cost as possible.
Featured image from Shutterstock, chart from TradingView.com
Hot Take: Potential Impact on Cryptocurrency Market
The potential IPOs of Circle and Ripple in 2024 could have a significant impact on the cryptocurrency market. If successful, these IPOs could further legitimize the industry and open up new investment opportunities for both institutional and retail investors. Additionally, they could bring more attention to stablecoins like USDC and further integrate cryptocurrencies into mainstream financial systems. However, legal battles like Ripple’s ongoing litigation with the SEC highlight the regulatory challenges that companies in this space continue to face.
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