History Of Ripple

David Schwartz and Jed McCaleb, two programmers, began working on a financial infrastructure that would be similar to bitcoin in 2011. This infrastructure would use a far lower amount of energy and would significantly reduce the amount of time it would take to complete transactions. OpenCoin was founded in September of 2012, and both Chris Larsen and McCaleb played important roles in the formation of the firm.

On April 11, 2013, OpenCoin said that it has successfully completed an angel round of funding with a number of venture capital businesses. This information was made public. In the same month, OpenCoin purchased SimpleHoney with the purpose of supporting OpenCoin in popularizing virtual currencies and making them more accessible to regular people. SimpleHoney was purchased by OpenCoin.

On September 26, 2013, OpenCoin officially changed its name to Ripple Labs, Inc., and the change went into effect immediately.

On October 6, 2015, Ripple Labs was rebranded as Ripple, thereby marking the commencement of the company's transition to its new identity.The "MoneyTap" smartphone application, which is powered by Ripple and was debuted in March 2018, was developed by a consortium of Japanese banks led by SBI Ripple Asia. With the aim of easing the process of making domestic payments on demand in Japan, the consortium was comprised of sixty-one different organizations.

Santander, a Spanish financial institution, was the first to launch a mobile application for international payments that is powered by blockchain technology and makes use of Ripple's xCurrent technology. This application was released in May of 2018. It is the first smartphone application of its sort, and it is called One Pay FX.

The XCurrent cryptocurrency is neither a blockchain or any other kind of distributed ledger. It is not a blockchain. "Bi-directional messaging" is what it is, according to David Schwartz, Chief Technology Officer of Ripple. This kind of messaging has the potential to eventually integrate into distributed ledgers.

During the year 2018, Ripple was able to recruit a large number of customers in India. These customers included prominent institutions such as Kotak Mahindra Bank, Axis Bank, and IndusInd, all of whom indicated that they just started using Ripple's products. This action was taken in reaction to Ripple's decision to establish a corporate presence in Mumbai.

Ripple's chief executive officer anticipated that by the end of 2018, "major banks" would be employing Ripple technologies that made use of the XRP cryptocurrency, and that by the end of 2019, "dozens" of institutions would be using XRP. Both of these projections were stated by Ripple.

In the month of May in the year 2023, Ripple paid a total of $250 million to acquire Metaco, a cryptocurrency custody firm that was located in Switzerland. At a time when the Securities and Exchange Commission (SEC) is raising its inspection of cryptocurrency businesses located in the United States, the purchase not only increased the company's possible customer base, but it also widened the company's global footprint. This occurred at a time when the SEC was expanding its oversight of cryptocurrency companies.

Ripple was awarded permission by the central bank of Singapore in June of 2023 to offer regulated digital payment token products and services. This approval became effective immediately. Ripple has been given permission to use this capability.

In April 2024, Forbes referred to it as a "crypto zombie" and said that the company was not making any progress in fighting SWIFT, that it generated $583,000 in fees in 2023, and that it had $25 billion worth of XRP tokens in escrow that it may sell over the following four years. Forbes also stated that the company was not making any headway in attacking SWIFT. In addition, Forbes said that the corporation had raked in a total of $583,00 in fees in the year 2023.