Circle Reportedly Considers 2024 IPO With Support From BlackRock

According to a Bloomberg report, Circle, the company behind USDC, is considering an initial public offering (IPO) in early 2024. The company is reportedly in talks with advisors in preparation for the potential listing, although there is no guarantee that it will proceed with the IPO.

Circle And Ripple IPO In 2024?

Circle, which had a valuation of $9 billion when it attempted to go public in 2022 in a blank check deal, has raised funds from investors including Goldman Sachs, BlackRock, and Fidelity. 

While the valuation for Circle’s potential IPO is uncertain, the company has long aspired to become a publicly traded US company. However, Circle completed a deal to go public last year through a merger with Concord Acquisition Corp, a private equity firm led by former Barclays Bank chief executive Bob Diamond.

In addition to Circle, there has been speculation about Ripple Labs going public. However, Ripple’s legal battle with the US Securities and Exchange Commission (SEC) could potentially delay any plans for an IPO in 2024. 

According to crypto enthusiast and Dizer Capital founder Yassin Mobarak, Ripple CEO Brad Garlinghouse has mentioned that the SEC must approve Ripple’s S-1 form before it can go public, which is unlikely to happen while the company is in litigation with the SEC. Mubarak stated: 

I asked Brad Garlinghouse directly about sharing any updates on Ripple IPO status. Brad articulated that the SEC must approve Ripple’s S-1 before going public, and that’s not happening while the company is in a lawsuit with the SEC. He then articulated that there are still options for a liquidity event outside the US but no time frame was given for that. I suggest we temper our expectations with regards to the Ripple IPO.

Ripple Launches New Payments Product

Ripple has unveiled its latest cross-border payments product, Ripple Payments, which, according to the November 8 announcement, is designed to improve the speed, efficiency, and cost-effectiveness of cross-border payments using blockchain technology. 

According to the announcement, the updated solution is built on “regulatory expertise” and offers “rapid onboarding” and expanded access to Ripple’s global network. 

In addition, the company has stated that the new product is a licensed solution for Fidelity National Information Services (FIs) and Small and Midsize Enterprises (SMEs), with integration to the XRP Ledger (XRPL) decentralized exchange (DEX), expanding its crypto liquidity options.

According to Monica Long, President of Ripple, this product evolution allows customers to tap into the crypto utility without being an expert in using the technology. Long further stated: 

This is an evolution of our product, where our customers can tap into crypto utility without having to be an expert in using this technology. A single onboarding experience, w/ Ripple managing the end-to-end flow to move value at any time, as fast and low-cost as possible. 

Featured image from Shutterstock, chart from TradingView.com