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Payment Company Profile: Ripple

Payment Company Profile: Ripple

Summary

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 Ripple's 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. Ripple's 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
- Comprehensive coverage of its products and services
- Comparative assessment with key alternative payment solutions
- Information on its performance, including its revenue model
- The company's important events and milestones.

Scope

- In September 2012, Ripple was founded as OpenCoin.
- Ripple offers a global real-time cross-border payment system that enables banks and financial institutions around the world to connect with each other via its RippleNet network and process cross-border payments instantly.
- Ripple also allows individuals and institutions to trade XRP on various digital asset exchanges globally, including Bitstamp, Kraken, Coinone, Bitso, and Coincheck.
- In December 2018, it partnered with KuCoin, a Singapore-based digital currency exchange, enabling trading of XRP on the KuCoin exchange.

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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Payment Company Profile: Ripple
Published By :GlobalData
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