Ripple is a technology company that developed the Ripple payment protocol and exchange network. Originally named Opencoin and later rebranded as Ripple Labs until 2015, the company was founded in 2012 and is headquartered in San Francisco, California.
Key Details
| Category | Details |
|---|---|
| Founded | 2012 |
| Founders | Chris Larsen, Jed McCaleb |
| Key People | Ryan Fugger (Concept), Brad Garlinghouse (CEO), David Schwartz (CTO) |
| Headquarters | San Francisco, USA |
| Industry | Software, Financial Technology |
| Website | ripple.com |
Overview
Ripple created and maintains the Ripple Protocol (RTXP), a decentralized payment network designed to facilitate fast, low-cost cross-border transactions. Unlike Bitcoin, Ripple does not rely on mining but uses a consensus mechanism for transaction validation.
History
- 2004: Ryan Fugger conceptualized Ripple as a decentralized monetary system.
- 2011: Jed McCaleb developed a virtual currency system using consensus-based verification.
- 2012: OpenCoin (later Ripple Labs) was founded by McCaleb and Chris Larsen.
- 2013: The company launched the Ripple network and introduced XRP, its native cryptocurrency.
- 2015: Renamed to Ripple and expanded partnerships with financial institutions.
Funding and Revenue
Ripple has raised $296 million through multiple funding rounds, including investments from Google Ventures, Andreessen Horowitz, and Santander. Revenue streams include:
- XRP sales: Over $1.2 billion (2016–2019).
- Enterprise solutions: Licensing RippleNet to banks and payment providers.
Funding Timeline
| Date | Round | Investors | Amount (USD) |
|---|---|---|---|
| April 2013 | Angel | Andreessen Horowitz, Lightspeed | $2.5M |
| May 2015 | Series A | IDG Capital, Seagate | $28M |
| September 2016 | Series B | Standard Chartered, Accenture | $55M |
| December 2019 | Series C | Tetragon, SBI Holdings | $200M |
Technology and Ecosystem
RippleNet
- Purpose: Enables real-time gross settlement (RTGS), currency exchange, and remittance.
- Partners: Includes banks like Santander and American Express.
XRP Cryptocurrency
- Supply: 100 billion XRP (80 billion held by Ripple).
- Use Cases: Liquidity tool for cross-border payments, decentralized exchanges.
Regulatory and Legal Highlights
- 2015: Fined $700,000 by FinCEN for BSA violations; implemented AML improvements.
- 2018: Class-action lawsuit alleging XRP was an unregistered security (ongoing).
- 2016: Received New York’s BitLicense for virtual currency operations.
Achievements and Awards
- MIT Technology Review’s "50 Smartest Companies" (2014).
- World Economic Forum Technology Pioneer (2015).
- Fast Company’s Top 10 Most Innovative Companies in Finance (2015).
FAQ
What is Ripple’s primary product?
RippleNet, a blockchain-based payment network for financial institutions.
How is XRP used?
As a bridge currency to facilitate fast, low-cost international transfers.
Is XRP decentralized?
While the XRP Ledger is decentralized, Ripple holds a significant portion of XRP supply.
What makes Ripple different from Bitcoin?
Ripple uses consensus (not mining) and focuses on institutional adoption rather than peer-to-peer transactions.
👉 Explore Ripple’s latest partnerships
👉 Learn how XRP works
Conclusion
Ripple bridges traditional finance and blockchain technology, offering scalable solutions for global payments. Despite regulatory challenges, its partnerships and innovations continue to shape the future of fintech.
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