As many market observers and experts are speculating whether crypto payment platform Ripple Labs will move forward with its IPO plans this year, the firm has promoted two of its employees to executive positions
Ripple Labs Bags New CFO and SVP
According to the announcement from the crypto company, Jon Bilich has been named the new Chief Financial Officer (CFO) of Ripple Labs while Mariel Kelley has equally been upgraded to the position of Senior Vice President (SVP), People and Places. Ripple CEO Brad Garlinghouse acknowledged the contributions that both individuals have made in the Ripple ecosystem.
Garlinghouse stated that their impact was greatly felt during their tenure in the firm, citing that “they both raise the bar on what it means to be a Rippler.”
Jon and Mariel haven’t just had a profound impact during their tenures at Ripple – they both raise the bar on what it means to be a Rippler. Very proud to now have them on our Executive team! https://t.co/hWEvvJRR46
— Brad Garlinghouse (@bgarlinghouse) March 8, 2024
The new appointments suggest that the Ripple ecosystem is expanding significantly and this has been the trend since it gained a partial victory against the United States SEC last year.
Following Judge Analisa Torress’s ruling that the Ripple-associated coin, XRP, is not a security, the firm started gaining attention from top crypto projects and even traditional finance companies.
Restructuring at Play?
Amidst its legal debacle with the U.S. Securities and Exchange Commission, Garlinghouse hinted at the plans of Ripple Labs to explore the possibility of an IPO. Considering the manner in which the Ripple boss made the statement, it appears that the company’s lawsuit with the SEC was the only clog in its IPO wheel.
In a report, Eleanor Terrett, a FOX Business journalist, stated that the IPO was discussed at a private event that Ripple held in April 2023. With all the talks, it was expected that Ripple Labs would conduct the IPO before the year-end, an ample time since the ruling against the SEC came in July.
Ordinarily, a company requires at least 6 months for all the preparation to go public via an IPO.
However, in January Garlinghouse announced suspending plans for the IPO in the United States. He cited the hostile” regulatory environment” in the region as the reason behind the company’s decision to halt its IPO move. Consequently, Ripple Labs confirmed that it was considering exploring alternative markets for the IPO.
The recent addition to its executive team might be part of Ripple’s restructuring plan to push into the IPO landscape again.