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$2 Billion Ripple Partner Nium to Go Public in US

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Tue, 4/07/2023 - 15:11
$2 Billion Ripple Partner Nium to Go Public in US
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Singapore-based fintech firm Nium Pte has announced its intention to go public in the United States by the second quarter of 2025, Bloomberg reports.

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The company, which is currently valued at approximately $2 billion, is aiming to break even before its planned initial public offering (IPO).

CEO Prajit Nanu emphasized that forecasting market trends is beyond anyone's control, but their main goal over the next year and a half is to be thoroughly prepared.

Nium, formerly known as InstaReM, operates a platform that enables businesses to send, spend and receive funds around the globe.

In 2020, it entered into a partnership with prominent San Francisco-based blockchain company Ripple. The tie-up was designed to facilitate instant, low-cost international transactions.

Ripple's very own IPO plans

Ripple has been eyeing the horizon of going public. However, a legal storm brewing with the U.S. Securities and Exchange Commission (SEC) has cast a cloud over these plans.

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In a conversation with CNBC during the World Economic Forum in Davos, Garlinghouse indicated that Ripple would set sail toward an IPO once the legal fog with the SEC clears.

This legal tug-of-war has been in play for nearly three years, and Ripple is hopeful for a resolution within the year. However, despite Garlinghouse's prediction about the case coming to an end in the first half of 2023, there is no final ruling as of early July.

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