Ripple Burns 12M RLUSD Tokens Targeting 50% of the Stablecoin Market Cap

According to Ripple stablecoin data, the network destroyed 12 million RLUSD tokens on Tuesday, April 22nd. This operation aims to reduce the token's excess supply, creating scarcity to drive demand.

output: As the leading cryptocurrency lender BlockFi prepares for its highly anticipated initial public offering (IPO), new reports suggest that the firm may opt for a direct listing instead of a traditional IPO.

According to a WSJ report, BlockFi is currently engaging with banks to aid in the direct listing process. This strategy would allow BlockFi to sell its shares directly to investors on a major stock exchange without the involvement of an intermediary like a bank.

Earlier this year, BlockFi filed paperwork with the Securities and Exchange Commission (SEC) to pursue an IPO, aiming for a valuation of at least $3.0 billion. However, BlockFi’s valuation could be significantly higher now, considering the crypto bull market throughout 2021.

In 2021, BlockFi faced financial difficulties due to risky cryptocurrency trades and encountered difficulties in meeting obligations to investors. To mitigate the situation, the crypto lender obtained a $400 million credit facility from an investment firm, which was later increased to $800 million.

Despite the challenges, BlockFi has managed to secure funding in recent months. In March, the firm closed a Series F funding round, led by SoftBank's Vision Fund 2, at a valuation of $4.8 billion.

As BlockFi prepares for its public market debut, the choice between an IPO and direct listing will depend on various factors, including market conditions and BlockFi's specific goals. An IPO would typically involve an investment bank to underwrite the offering and set the initial share price. In contrast, a direct listing allows a company to list its shares without an underwriting bank or a fixed price. Instead, the opening share price on the day of trading would be determined by market forces of supply and demand.

With its unique position in the rapidly evolving cryptocurrency industry, BlockFi's IPO or direct listing is sure to be a closely watched event in the financial world.