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 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.
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