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Earlier this month, blockchain payments firm Ripple Labs Inc acquired Swiss-based institutional asset custody, trading and DeFi-focused firm Metaco in what can be categorized as one of the most publicized acquisitions in the crypto industry this year. As reported by Coingape at the time, the company paid the sum of $250 million for the firm, an acquisition that can significantly help it deepen its foothold in the European Union.
As Metaco revealed earlier today, prominent Wall Street brokerage platform, NASDAQ Global Select Market has congratulated the firm, a gesture that appears to have more undertones than envisaged. Ripple is still a privately held firm and with NASDAQ being a major hub for publicly traded firms, celebrating the acquisition has given room for many projections.
Weekend vibes.@Nasdaq 👏 @Ripple x @metaco_sa pic.twitter.com/75svnN4gJQ
— Metaco (@metaco_sa) May 28, 2023
Understandably, Ripple Labs is a financial technology company that is using blockchain technology to disrupt the payments ecosystem. With Nasdaq’s deep affiliation to tech-based companies, the recognition of the deal might be in order.
Over the past few years, Ripple has been contemplating going public through the Initial Public Offering (IPO) route. The ongoing legal brawl between the firm and the United States Securities and Exchange Commission (SEC) has notably hidden the conversation surrounding these plans in recent times.
The Nasdaq recognition of its latest business stride may be an advertisement for Ripple to consider its bourse should the latter finally decide to go public.
Conditions for Ripple to Go Public
That Ripple is mulling the idea of going public is not unthinkable. Notably, some major cryptocurrency focused firms like Coinbase Global Inc have gone public and are successfully trading on the Nasdaq. As such, Ripple can also pull off a similar feat.
However, for the firm to consider going public in the United States, it must conclude its securities lawsuit with the SEC, and preferably, the case will have to end in its favor. Public listing is a sign of growth for any company and with it, the company can gain additional investors who may now acknowledge the firm’s regulatory standing.
For Ripple to achieve this move, all forms of baggage will have to be cleared, and many are projecting the case will be concluded soon.
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