Ripple – Competitor Profile
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Ripple offers a global real-time payment system that enables banks and financial institutions around the world to transact cross-border via RippleNet, a decentralized global network of banks and payment providers. The organizations in the network use Ripple’s distributed ledger technology, which provides real-time clearing and settlement of financial transactions. In addition to cross-border transfers, Ripple enables trading of its cryptocurrency XRP, which is now listed on over 100 digital asset exchanges globally, including Bitstamp, Kraken, Coinone, Bitso, and Coincheck.
Ripple eliminates the need for financial institutions to maintain nostro accounts, where a domestic bank holds a foreign account denominated in foreign currency in order to enable cross-currency settlement. Ripple’s XRP account instead allows customers to make payments with any currency. This results in faster fund transfers, as Ripple can process transactions in three to five seconds – compared to three to five days via traditional methods.
Launched in September 2012 as OpenCoin, Ripple has raised $293.8 million since its inception from investors such as Accenture, CME Ventures, Google Ventures, SBI Group, Mouro Capital, and Seagate.
The report provides information and insights into Ripple including –
– Detailed insight into its business
– Comprehensive coverage of its products and services
– Comparative assessment with key alternative payment solutions
– Information on its performance
– The company's important events and milestones
Scope
• In September 2012, Ripple founded as OpenCoin.
• In September 2013, OpenCoin rebranded as Ripple Labs.
• In October 2015, Ripple Labs rebranded as Ripple.
• In July 2021, Ripple announced its investment in Mintable, a non-fungible token marketplace.
• In February 2022, Ripple partnered with payment services provider Modulr to offer cross-border payments in the UK and Europe using RippleNet.
• In May 2023, Ripple expanded its services with the acquisition of Switzerland-based crypto custody and tokenization firm Metaco.
• In May 2023, Ripple launched Ripple CBDC Platform, enabling central banks and governments to issue their own CBDCs and stablecoins.
Reasons to Buy
• Gain insights into Ripple's business operations and key events.
• Gain insights into its product portfolio.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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