Payment Company Profile: Ripple
Ripple offers a global real-time payment system that enables banks and financial institutions around the world to transact cross-border via its RippleNet. RippleNet is a decentralized global network of banks and payment providers using Ripples distributed ledger technology, which provides real-time clearing and settlement of financial transactions.
Ripple eliminates the need for financial institutions to maintain nostro accounts, where a domestic bank holds a foreign account denominated in foreign currency to enable cross-currency settlement. Ripples XRP account instead allows customers to make payments with any other currency. This results in faster fund transfers as Ripple can process transactions in 4 seconds compared to the 3-5 days required via traditional methods. In addition to cross-border transfers, Ripple enables trading on its cryptocurrency, XRP, which is now listed on 60 digital asset exchanges globally including Bitstamp, Kraken, Coinone, Bitso, and Coincheck.
Launched in 2012 as OpenCoin, Ripple has raised around $93m 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 payment company profile Ripple, including -
- Detailed insight into its business and geographical presence
- Comprehensive coverage of its products and services
- Comparative assessment with key payment company profiles
- Information on its performance, including its revenue model
- The company's important events and milestones.
- In September 2012, Ripple was founded as OpenCoin.
- Ripple eliminates the need for financial institutions to maintain nostro accounts, where a domestic bank holds a foreign account denominated in foreign currency to enable cross-currency settlement.
- Ripple can process transactions in 4 seconds compared to the 3-5 days it generally takes via traditional methods.
- Ripple allows individuals and institutions to trade XRP on various digital asset exchanges globally.
Reasons to buy
- Gain insights into Ripple's business operations, and key events.
- Gain insights into its product portfolio and revenue model.
- Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.
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