Ripple Labs

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Ripple Labs, Inc. is an American technology company that develops the Ripple payment protocol and exchange network [3]. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California [3].

 

Ripple Labs operates as an enterprise blockchain company [4]. It offers an open-source payment system and a math-based virtual currency that powers distributed currency exchange, merchant payments, money transfers, and remittances [4].

 

Ripple Labs developed Ripple's blockchain infrastructure in response to Bitcoin technology [5]. RippleNet, the resulting payment network, was designed to provide banks with a faster, more cost-effective, and streamlined option for conducting cross-border transactions [5].

 

Ripple's enterprise blockchain solutions for finance are faster, more transparent, and more cost-effective than traditional financial services [1]. Their customers use these solutions to source crypto assets, facilitate instant payments, empower their treasury, engage new audiences, lower capital requirements, and drive new revenue [1].

 

Ripple is also known for its digital asset, XRP, which was built to be the most practical cryptocurrency for applications across the financial services space [2]. XRP powers innovative technology transforming the global financial services space [2]. It is used by companies, institutions, developers, and individuals around the world due to its extraordinary utility [2].

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