Ripple Labs, Inc. is an American technology company which develops the Ripple payment protocol and exchange network. Originally named Opencoin and renamed Ripple Labs in 2015, the company was founded in 2012 and is based in San Francisco, California.
|Ripple Labs, Inc.|
|Founders||Chris Larsen, Jed McCaleb|
|Ryan Fugger (Concept Originator)|
Alan Safahi (Advisory Board)
David Schwartz (Chief Cryptographer and Chief Technology Officer)
Ken Kurson (Advisory Board)
Brad Garlinghouse (Chief Executive Officer)
|Products||Ripple Payment and Exchange Network|
Number of employees
Ryan Fugger conceived Ripple in 2004 after working on a local exchange trading system in Vancouver. The intent was to create a monetary system that was decentralized and could effectively empower individuals and communities to create their own money. Fugger later built the first iteration of this system, RipplePay.com. Concurrently, in May 2011, Jed McCaleb began developing a digital currency system in which transactions were verified by consensus among members of the network, rather than by the mining process used by Bitcoin. In August 2012, Jed McCaleb hired Chris Larsen and they approached Ryan Fugger with their digital currency idea. After discussions with McCaleb and long-standing members of the Ripple community, Fugger handed over the reins. In September 2012, Chris Larsen and Jed McCaleb co-founded the corporation OpenCoin.
OpenCoin began development of the ripple protocol (RTXP) and the Ripple payment and exchange network. On April 11, 2013, OpenCoin announced it had closed an angel round of funding with several venture capital firms. That same month, OpenCoin acquired SimpleHoney to help it popularize virtual currencies and make them easier for average users. On May 14, 2013, OpenCoin announced that it had closed a second round of angel funding. In July 2013, Jed McCaleb separated from active employment with Ripple.
On May 5, 2015, Ripple received a US$700,000 (equivalent to $739,899 in 2018) civil money penalty from U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) for “willful violation of the Bank Secrecy Act by acting as a money services business without registering with FinCEN.”
On October 6, 2015, the company was rebranded from Ripple Labs to Ripple.
In September 2016, Ripple announced that it had raised $55 mln in funding. Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank and Santander Innoventures are just a few of the investors who participated in the Series B funding.
On September 23, 2016, Ripple announced that they have struck an accord, a first of its kind, with several major banking interests to created the GPSG, or the Global Payments Steering Group. The banking interests involved in the founding of this new venture are a virtual who’s-who, including Bank of America/Merrill Lynch, Santander, UniCredit, Standard Chartered, Westpac Banking Corporation, and Royal Bank of Canada.
In April 2017, Ripple announced that multi-billion dollar banks including the $60 bln Spanish banking giant BBVA joined the Ripple network to solve speed, scalability and cost of global transactions.
In September 2017, R3 has sued Ripple for specific performance of an option agreement in which Ripple agreed to sell up to five bln XRPs for a price of $.0085. Ripple has countersued, claiming that R3 reneged on a number of contractual promises, and is simply acting in a spirit of opportunism, after the cryptocurrency soared more than 30 times over. Delaware judge ruled in favor of Ripple but the case will continue in California and New York.
In November 2017, American Express (AMEX) and Ripple partnered to create a Blockchain-based payment infrastructure. Per the announcement, the platform is already being used. The specific application is for Business to Business (B2B) payments between US corporate customers and UK based customers banking with Santander UK. The service will provide real-time trackable payments between customers.
Ripple has been adding numerous new companies to its customer base in 2017, bringing to a total of more than 100.
In May 2018, Spanish Banking group Santander released One Pay FX — the first mobile application for international payments powered by blockchain technology, that uses Ripple's xCurrent technology.
Following the creation of a Mumbai office, Ripple has been adding multiple Indian customers in 2018, including leading banks such as Kotak Mahindra Bank, Axis Bank, and IndusInd, that announced that they started using Ripple's products.
Ripple also stated their intention of entering into China market in 2018.
Ripple is a privately funded company. It has closed five rounds of funding, which included two rounds of angel funding, one round of seed funding, one Series A round and one Series B round.
|April 2013||Angel||Andreessen Horowitz, FF Angel LLC, Lightspeed Venture Partners, Pantera Capital, Vast Ventures, Bitcoin Opportunity Fund||2.5|
|May 2013||Angel||Google Ventures, IDG Capital Partners||3.0|
|November 2013||Seed||Core Innovation Capital, Venture51, Camp One Ventures, IDG Capital Partners||3.5|
|May 2015||Series A||IDG Capital Partners, Seagate Technology, AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp, Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures, Venture 51||28|
|October 2015||Series A||Santander InnoVentures||4|
|September 2016||Series B||Standard Chartered, Accenture, SCB Digital Ventures, SBI Holdings, Santander InnoVentures, CME Group, Seagate Technology||55|
Ripple's revenue sources include professional services provided to financial network operators being integrated with Ripple, software built to integrate legacy financial systems with Ripple and the native currency (XRP). Ripple is also backed by several established investors that provide an additional layer of financial stability.
Of the XRP 80 billion that Ripple Labs was gifted, Ripple follows a distribution strategy that encompasses payments to business partners such as gateways, market makers and charitable organizations.
Ripple Labs began working with the World Community Grid in November 2013. The World Community Grid pools surplus processing power from volunteers’ computers and electronic devices to support humanitarian causes such as fighting AIDS, improving solar energy and defeating cancer. Individuals who join the Ripple Labs team and donate their spare processing power are rewarded with XRP. As of March 18, 2014, Ripple Labs has given away XRP134,528,800 through the World Community Grid at a rate of XRP1,250,000 per day.
In March 2014, CrossCoin Ventures launched an accelerator which funds companies that work to advance the Ripple ecosystem. The firm funds accepted startups with up to US$50,000 (equivalent to $52,917 in 2018) in XRP, Ripple's native currency, in exchange for a 3% to 6% stake in diluted common stock. Mentorship and support is provided by CrossCoin and Ripple Labs, Inc.
In cooperation with other industry leaders, Ripple Labs became a co-founding member of the Digital Asset Transfer Authority (DATA) in July 2013. DATA provides best practices and technical standards, including anti-money laundering compliance guidance for companies that work with digital currency and other emerging payments systems. The committee works as a liaison among public officials, businesses and consumers and create common rules to protect consumers. The initiative attempts to create a cohesive voice of Bitcoin community members when interacting with regulators.
In June 2018, Ripple has committed over $50 million in funding to create the University Blockchain Research Initiative, which aims at support research to:
In May 2018, Ripple has announced xpring, "an initiative by Ripple that will invest in, incubate, acquire and provide grants to companies and projects that [...] will use the digital asset XRP and the XRP Ledger, the open-sourced, decentralized technology behind XRP, to solve their customers’ problems.".
For its creation and development of the ripple protocol (RTXP) and the Ripple payment/exchange network, the magazine MIT Technology Review recognized Ripple Labs as one of 2014s 50 Smartest Companies in its February 2014 issue. The criteria for the recognition revolved around "whether a company had made strides in the past year that will define its field."
On February 9, 2014, Ripple Labs was named as a finalist for a 2014 PYMNTS Innovator Award in two separate categories: Best New Technology as well as Most Disruptive Company. The recognition pertains to Ripple Labs work in creating Ripple, an open-source, distributed payment protocol powering a new global value web.
On May 5, 2015, FinCEN fined Ripple Labs and XRP II US$700,000 for violation of the Bank Secrecy Act, based on the Financial Crimes Enforcement Network's anti-money laundering (AML) additions to the act in 2013. Ripple Labs agreed to remedial steps to ensure future compliance, which included an agreement to only transact XRP and "Ripple Trade" activity through registered money services businesses (MSB), among other agreements such as enhancing the Ripple Protocol. The enhancement won't change the protocol itself, but will instead add AML transaction monitoring to the network and improve transaction analysis.
Chris Larsen (born 1960) is a business executive and angel investor best known for co-founding several Silicon Valley technology startups, including one based on peer to peer lending. In 1996, he co-founded the online mortgage lender E-Loan, and during his tenure as CEO E-Loan became the first company to freely provide consumers' FICO credit scores. By 2000, E-Loan's market value was estimated at $1 billion, and Larsen left the company when it was sold to Banco Popular in 2005. In 2006, he co-founded Prosper Marketplace, the first peer-to-peer lending marketplace in the United States, and he served as CEO until 2012. Later in 2012, he co-founded the company Ripple Labs, Inc., which developed Ripple, software that enables the instant and direct transfer of money between two parties.Self-described as "radically pro-consumer," Larsen has been a vocal advocate of financial privacy in California, and in 2001 he co-founded the coalition Californians for Privacy Now. He has appeared as a speaker at industry events such as Sibos, SWIFT's flagship conference, and written articles for publications such as American Banker. He is also a board-member or advisor for organizations such as Credit Karma, the Electronic Privacy Information Center (EPIC), Qifang, and Betable.On January 4, 2018, Forbes estimated Larsen's worth at $59 billion, briefly putting him ahead of Mark Zuckerberg and into fifth place in their list of world's richest people, and in February 2018 Forbes named him "the richest person in cryptocurrency".IDG Capital
Founded in Boston in 1992, IDG Capital is an investment firm that specializes in venture capital, private equity, and mergers & acquisitions. The firm currently manages approximately $20 billion of assets and has offices in fifteen cities around the world, including .The firm was the first global investment firm to enter China in the 1990's and an early investor of Baidu, Tencent, Xiaomi, Meituan, and Qihoo 360.In January 2017, IDG Capital and China Oceanwide Holdings Group acquired International Data Group (IDG) and its subsidiaries, International Data Corporation (IDC), IDG Communications, and IDG Ventures. IDG Capital became the controlling shareholder of IDG Ventures.Lightspeed Venture Partners
Lightspeed Venture Partners is an American venture capital firm focusing on early stage investments in the enterprise technology and consumer space. To date, the firm has backed more than 300 companies, including Snapchat (Snap Inc.), DoubleClick (acquired by Google after IPO), AppDynamics (acquired by Cisco for $3.7B), Brocade (BRCD), Nicira (acquired by VMware), Playdom (acquired, DIS), Pliant Technology (acquired, SanDisk), XtremeIO (acquired, EMC), Blue Nile (NILE), Fusion-io (FIO), Phone.com (OPWV), Informatica (INFA), Fastfox and Solazyme (SZYM). The fund has 24 early stage enterprise investments that have gone public, the most of any fund in the world.The company invests in the U.S. and abroad, with investment professionals and advisors in Silicon Valley, Israel, India with Lightspeed India Partners and China with Lightspeed China Partners. The team is currently investing out of Lightspeed XI, a $700 million fund and Select II, a $500 million fund.List of San Francisco State University people
The following is a list of notable people associated with San Francisco State University, located in the American city of San Francisco, California. Many alumni may still need to be added to the San Francisco State University alumni category.Ripple (payment protocol)
Ripple is a real-time gross settlement system, currency exchange and remittance network created by Ripple Labs Inc., a US-based technology company. Released in 2012, Ripple is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes. Ripple purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks."
The ledger employs the decentralized native cryptocurrency known as XRP, which as of September 2018 was the second largest coin by market capitalization. Ripple has been adopted by banks and payment networks as settlement infrastructure technology. Ripple relies on a common shared ledger, which is a distributed database storing information about all Ripple accounts. The network is "managed by a network of independent validating servers that constantly compare their transaction records." Servers could belong to anyone, including banks or market makers. Ripple validates accounts and balances instantly for payment transmission and delivers payment notification with very little latency (within a few seconds). Payments are irreversible, and there are no chargebacks.For its creation and development of the Ripple protocol (RTXP) and the Ripple payment/exchange network Ripple Labs was named as as one of 2014's 50 Smartest Companies in the February 2014 edition of MIT Technology Review. A scientific study made by two researchers from Stanford and Stockholm University that studied the money production from an energy consumption point of view and a macroeconomic level stated that running a server on Ripple was comparable to the energy needs of running an email server.