Ripple is a digital payment protocol and cryptocurrency (XRP) designed for fast, low-cost cross-border transactions. It aims to enable real-time gross settlement and currency exchange.
Description: Ripple was created in 2012 by Chris Larsen and Jed McCaleb as a real-time gross settlement system, currency exchange, and remittance network. The native cryptocurrency, XRP, acts as a bridge currency to facilitate transactions between different fiat currencies. RippleNet, the network of banks and financial institutions using Ripple's technology, leverages the XRP Ledger (XRPL) for settlement. Unlike Bitcoin, XRP transactions are confirmed in seconds with minimal fees. Ripple has faced regulatory challenges, notably a lawsuit from the U.S. SEC alleging XRP is an unregistered security. Despite this, Ripple remains a major player in blockchain-based payments.
Established / Launched: 2012
Founder / Issuer: Chris Larsen, Jed McCaleb, Arthur Britto, David Schwartz
Headquarters: San Francisco, California, United States
