What is Ripple? 6 Fun Facts About Ripple

what is ripple

What is Ripple? 6 Fun Facts About Ripple

1. What is Ripple?

Ripple is a platform and a currency. It aims to modernize local payments by connecting financial institutions via RippleNet. In theory, this should make the global financial system more effective and agile.  

2. Who are the Ripple founders?

Chris Larsen is a Founder and Executive Chairman of Ripple. He is an experienced technology executive and angel investor and has several technology ventures under his belt. One of his earlier ventures was E-loan which he co-founder back in 1996. E-loan became the first company to provide clients FICO credit scores for free. The company became a unicorn with a market capitalization exceeding 1 billion US dollars by 2000.

Jed McCaleb is a well-known persona in the crypto industry. The list of companies that he worked or co-founded includes Ripple, Stellar, eDonkey as well as Overnet. Have you heard of Mt.Gox? He was one of the co-founders and sold his shares before the infamous hack.

3. Stamp of Approval for Ripple

Venture capitalists and professional investors are generally wary of diving into blockchain and cryptocurrency projects given a number of risks that surround the industry. However, Ripple seems to be an exception to the rule given that some of the top venture capital firms have poured millions of dollars into the project. Andreessen Horowitz, Google Ventures and Accenture are some of the most well-known venture capitalists who bought into Ripple’s vision and agreed to take on the risks.

The total amount of venture capital Ripple raised to date is over 80 million US dollars. Meanwhile, the XRP token which is a native cryptocurrency on Ripple blockchain is valued at over 16 billion US dollars and is third only to Bitcoin and Ethereum.  

4. Institutional Customers

Ripple boasts a number of famous companies in the financial industry in the client section on the website.

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5.  Use Cases

  • Cross border remittance companies such as Western Union and Moneygram are used every day for migrant workers who send money back to their home countries to support their families, Ripple could bring the costs down substantially enabling a much more affordable solution to millions of people around the world.
  • Interbank money transfers such as WIRE, SEPA, and SWIFT send billions of Dollars between bank accounts every day, often these transfers rely on bilateral arrangements and can be cumbersome and slow with some of the extreme delays racking in at 7 -10 days. Ripple claims that it will reduce the friction and enable near-instantaneous settlement between accounts anywhere in the world.

6.  Difference between XRP and Ripple?

Ripple is the company behind the actual payment solution software that it licenses or sells to Payment or financial institutions or banks. Ripple, the company, created the XRP ledger and the native digital asset XRP. It is important to note that XRP and the XRP ledger are independent of Ripple the company, although it is worth mentioning that a large majority of the XRP tokens in existence are locked up by the company.

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