Ripple – Competitor Profile
Launched in September 2012 as OpenCoin, Ripple offers a global real-time payment system that enables banks and financial institutions around the world to transact cross-border payments 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 multiple nostro accounts in different currency denominations in order to enable cross-currency settlement. Ripple’s XRP account instead allows financial institutions to settle payments with any currency through a blockchain network. This eliminates the involvement of several intermediaries and enables Ripple to process cross-border transactions in three to five seconds, compared to the three to five days via traditional methods such as bank transfers.
The company also offers central bank digital currency (CBDC) solutions, including complete management of the CBDC lifecycle including minting, managing, transacting, and destroying.
Ripple has raised $293.8 million since its inception from investors such as Accenture, CME Ventures, Google Ventures, SBI Group, Santander InnoVentures, 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 highlights
– The company's important events and milestones
– In September 2012, Ripple founded as OpenCoin.
– In October 2015, Ripple Labs rebranded as Ripple.
– In February 2018, Ripple partnered with money transfer service UAE Exchange.
– In July 2020, Ripple partnered with cross-border solutions provider Currencycloud, enabling Currencycloud to enhance its B2B cross-border solutions using RippleNet.
– In May 2022, Ripple partnered with Lithuanian remittance service provider FINCI, enabling FINCI to offer cross-border payments using RippleNet.
Reasons to Buy
– Gain insights into Ripple's business operations and key events.
– Gain insights into its product portfolio and performance highlights.
– Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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