The major investor in fintech startups including blockchain ventures and cryptographic money, Ribbit Capital, is planning to raise $350M for a blank check firm that would build acquisitions.
SPAC or the special-purpose acquisition company, Ribbit LEAP Ltd., charged a prospectus with the Securities and Exchange Commission on Tuesday. Contrary, traditional publicly traded organizations, where most acquisitions are related to shareholder approval, a SPAC asks for broad latitude to acquire. The single book-runner of the IPO or Initial Public Offering of the stock is JPMorgan Chase. However, the underwriter has the choice to issue 15% more shares than planned, which will bring the total proceeds to $402.5M.
The prospectus indicates cryptocurrency only two times in passing, in passages that state Ribbit Capital’s range of investments that also includes firms majorly in the technology industry and financial services. Ribbit Capital, a founding member of the consortium, Libra Association that was set up last year by Facebook to build a global digital currency.
In the blockchain space, the venture firm drove a seed round for Bobby Lee’s Ballet crypto wallet startup in 2019. It has likewise put resources into Coinbase, Revolut, Robinhood, Xapo, Chainalysis, Figure Technologies, and CRB Group (parent organization of crypto-accommodating Cross River Bank).
Previous U.S. Undersecretary of the Treasury Sigal Mandelkar, who initiated crypto-related assents endeavors against people and cautioned crypto firms to conform to hostile to anti-money-laundering (AML) and know-your-customer (KYC) laws, joined Ribbit Capital as a guide this year. She is named as an accomplice in Tuesday’s outline.
Other Ribbit Capital portfolio organizations incorporate Affirm, Coalition, CreditKarma, Brex, Nubank, MercadoLibre, Root, Next Insurance, Upgrade, Sea Limited, and Zillow.
While it’s hazy the amount Ribbit Leap will concentrate on crypto or blockchain acquisitions, the documenting comes during a period of reestablished extravagance in the division.
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