Ripple Labs

Ripple Labs is a developer of the payment system, currency exchange and translation system under the Ripple brand.

The services are based on a distributed open Internet protocol, a register that works on the principle of universal consent and its own currency, called ripples (XRP).

The Ripple network aims to make it possible to conduct 'safe, instant and as free as possible financial transactions of any amount without recall around the world.' It supports work with any fiat currencies (dollars, yen, etc.), cryptocurrencies (bitcoin, litecoin, etc.), goods or other units of value (miles of flights, minutes of conversation over cellular communications, etc.).

Ripple is based on a collective and open register database. In addition to the balance sheet data, the register contains information about offers to buy or sell currency or assets, thus forming the world's first distributed exchange.

Network members agree with the changes made to the register through a process called 'consensus' (English consensus), which takes place every 2-5 seconds. 'Consensus' allows you to make payments, exchange and transfers without the need to use a single clearing house. Compared to cryptocurrencies such as Bitcoin, where security is ensured by the mining process, maintaining a registry based on "consensus" allows the Ripple network to withstand any attacks stably and while maintaining the effective operation of^[1] system^[1].

History

2021: Purchase 40% in Tranglo

In March 2021, Ripple Labs acquired a 40% stake in Tranglo, an Asian cross-border payments specialist.

Ripple plans to improve the payment ecosystem in Southeast Asia, meet growing demand and expand the presence of On-Demand Liquidity in the region.

Earlier, Ripple Labs director Garlinghouse called the Asia-Pacific region the main market for RippleNet: the number of signed transactions in 2020 increased by 80% compared to the previous one, the number of transactions - by 1700%.

In February 2021, Tranglo established new payment channels with Nigeria and Ghana, the two largest recipients of remittances in the world, as well as with Uganda and Brazil.

2020: SEC lawsuit and 53% collapse of cryptocurrency capitalization XRP

The rate of virtual currency ripple (XRP) on December 24, 2020 fell by 17%, to $0.2273. Since the beginning of the week, cryptocurrency has lost more than 53% in price, as a result, its capitalization fell to $12 billion.

The collapse of the course of popular cryptocurrency was provoked by reports that the US Securities and Exchange Commission (SEC) filed a lawsuit against blockchain startup Ripple, the issuer of XRP. The regulator claims that the company, its co-founder Chris Larsen and CEO Brad Garlinghouse sold unregistered securities under the guise of tokens and raised more than $1.3 billion. The SEC is seeking injunctive relief, seizure of illegal proceeds and collection of fines.

2018: Plans to transform online payment infrastructure

According to a report dated November 22, 2018, the head of Ripple's market strategies division, Corey Johnson, spoke in detail about the company's plans to transform the online payment infrastructure. In an interview with Techonomy, Johnson said that RippleNet, in fact, is a dedicated payment level of the Internet, which was not initially implemented.

As an example, he cited a hypothetical translation from Thailand to the United States using xRapid.

Here is how this happens: one financial institution sends a request to another: "We want to send $1000 in Thai bats to the United States. The result is "X 'dollars. Do you mind? Click Yes. Boom. And it takes one or two minutes. We believe that the Internet does not have as such a level for payments. And we are working on a separate Internet just for these purposes. We called him RippleNet. Blockchain is still at the beginning of the journey. As of November 2018, we have more than 100 solvent customers. We provide turnover of more than a billion dollars within our network. We're setting up payment corridors. I came to the company nine months ago, and then we closed about one deal in six weeks. Now we're signing agreements one in six days... I believe that business will increasingly use blockchain and even digital assets or cryptocurrencies, without any difference, as they are called, for various technological solutions. Just too early yet

During a conversation about the future of cryptocurrencies and the blockchain industry as a whole, Johnson suggested that in the future many companies will use^[2] technology^[3].

2016: Ripple Protocol Testing

In the summer of 2016, Santander, UniCredit, UBS, Reisebank, CIBC, ATB Financial and National Bank of Abu Dhabi tested the Ripple protocol, based on blockchain technology, for international payments. In the fall of that year, the first international trade deal was concluded for the supply of cotton from the United States to China using blockchain technology and smart contracts: it was carried out by an Australian financial holding, the American brokerage company Wells Fargo and Brighann Cotton Marketing Australia.

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