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Competitor Profile: Ripple

Competitor 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 RippleNet, a decentralized global network of banks and payment providers. The organizations in the network use Ripple's distributed ledger technology (DLT), 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 other currency. This results in faster fund transfers, as Ripple can process transactions in three seconds, compared to the three to five days via traditional methods.

Launched in 2012 as OpenCoin, Ripple has raised $293.6m 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
- The company's important events and milestones

Scope

- In September 2012, Ripple founded as OpenCoin.
- In February 2013, introduced digital currency XRP (also known as Ripple).
- 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.
- In October 2019, Ripple integrated xVia and xCurrent products into single platform called RippleNet, rebranded xRapid as On-demand Liquidity.

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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Competitor Profile: Ripple
Published By :GlobalData
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