Cryptocurrency trading platform Uphold is exploring the possibility of an initial public offering (IPO). It is drawing attention as it is considering going public on the US stock market while also keeping merger and acquisition proposals in mind.
Uphold is being approached by securities firms, payment platforms, and major banks for potential acquisition, and in this process, it has selected FT Partners, a fintech-specialized investment bank, as an advisor to review strategic options. According to Uphold's CEO Simon McLoughlin, the company could move in either the direction of an IPO or an acquisition.
Market observers estimate Uphold's corporate value at around $1.5 billion (approximately 2.085 trillion won). CEO McLoughlin avoided mentioning the specific valuation in the current market but acknowledged that related discussions are actively ongoing.
Uphold's consideration of an IPO appears to be due to positive cases emerging in the initial public offering market. Recently, Circle, a company in the same industry, saw its stock price surge from $31 to $115 after going public, representing an approximately 271% increase. This has reignited the momentum for cryptocurrency fintech companies to pursue listings.
In terms of revenue, Uphold is showing remarkable growth. The expected sales for this year are projected to be over three times that of 2022, reaching approximately $300 million (about 417 billion won). This means the revenue, which was $80 million (about 111.2 billion won) in 2022, has increased more than threefold in just three years.
Currently, Uphold is focusing on XRP-related financial products, including a US-specific debit card with XRP rewards and interest-earning products using the Flare Network. It is also accelerating its global strategy by speeding up its approach to the European market through a partnership with a German bank.
CEO McLoughlin stated that if listed on Nasdaq, the funds raised could be used for mergers and acquisitions within the industry. He emphasized the importance of securing funds for aggressive expansion, noting that the cryptocurrency industry is entering an integration phase.
While Uphold has not yet announced an official IPO schedule, it appears to be actively considering listing or acquisition as a strategic means to attract investors and expand into global markets. With its rapidly growing performance and solid XRP ecosystem, the company is strengthening its platform competitiveness.
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