Ripple

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Ripple
Ripple logo.svg
Ripple logo
Information
Purpose Peer to peer debt transfer, currency exchange, remittance
Tech Ripple Consensus Protocol Algorithm (RCPA)
Supply 38,739,144,847 XRP (as of 29 December 2017)
Price $0.3095009002 USD (daily update)
Whitepaper Ripple: Solution Overview

The first crypto backed by the banks. It has a very specific use case: providing liquidity in Forex markets between banks. Note this does not mean they intend to replace the Forex markets but supplement them.

Ripple Consensus Protocol Algorithm (RCPA) consists of a few trusted nodes run by banks. Although it doesn’t provide the same level of trustlessness of other consensus methods it is suitable for its intended use case which solely deals with transactions between banks.

Pros

  • Clear use case
  • Currently being used
  • Legally compliant
  • Strong links with banks
  • ~$15 Billion in unrealized assets (~$110 Billion as of 12/31/17)

Cons

  • Entirely reliant on the banks
  • Very centralized

History

Developers

The current team of Ripple includes 200+ employees, including former SWIFT executives. Ripple is operated from offices in San Francisco, New York, London, Sydney, Mumbai, Singapore and Luxembourg.

Some notable Ripple employees[1] include:

Name Position Previous experience
Brad Garlinghouse CEO CEO of file collaboration service Hightail, President of Consumer Applications at AOL from 2009 to 2012, various positions at Yahoo! from 2003 to 2009 including Senior Vice President. CEO of Dialpad Communications, held management positions at SBC Communications and @Home Network and was an advisor to Silverlake Partners. currently serves on the Board of Directors of Animoto and OutMatch and has held board positions at Ancestry.com and Tonic Health
Asheesh Birla VP of Product Worked at Thomson-Reuters as the Vice President of Global Technology, Direct of Product at educational startup Kno (acquired by Intel Corp)
Marcus Treacher Global Head of Strategic Accounts 12 years in global leadership roles at HSBC, member of the Global Board of SWIFT from 2010 to 2016, HSBC’s Global Head of Payments Innovation. Previously, employed at Citigroup and Accenture. Chaired SWIFT’s global advisory body for corporates from 2010 to 2016 and is an independent non-executive director of CHAPS Co
Stefan Thomas Chief Technological Officer Founder of WeUseCoins.com
Ron Will Chief Financial Officer Treasurer and VP of Corporate Finance at Yahoo! and in other roles at Lehman Brothers, Merrill Lynch and Bank of America. CFO at TubeMogul, Inc. CFO, Chief Compliance Officer and Operating Partner at Mainsail Partners. CFO role at BrightRoll, Inc.
Kanaan VP of Engineering Developed medical imaging systems at Cerner Corporation. Yelp and Quantcast.
Brynly Llyr General Counsel General Counsel to the Small and Medium Business group at PayPal, Senior Director of Litigation at eBay. O’Melveny & Myers and Charles Schwab, as well as a clerkship under Judge Fern M. Smith (Ret.) in the United States District Court for the Northern District of California.

Technology

Partnerships/Developments

Partnerships (publicly known) Accenture[2] • Akbank[3] • American Express[4] • ATB Financial[5] • Axis Bank[6] • Banco Bilbao Vizcaya Argentaria (BBVA)[6]• BMO Financial Group[7] • Cambridge Global Payments[6] • Canadian Imperial Bank of Commerce (CIBC)[5] • CBW Bank[8] • CGI Group[9] • Cross River Bank[8] • Davis + Henderson (D+H)[10] • Deloitte[11] • Earthport[12] • Expertus[13] • eZforex[6] • Fidor Bank[14] • Mitsubishi UFJ Financial Group (MUFG)[6] • Mizuho Financial Group (MHFG)[7] • National Australia Bank (NAB)[7] • National Bank of Abu Dhabi (NBAD)[5] • ReiseBank[5] • Royal Bank of Canada (RBC)[7] • Santander[15] • SBI Holdings[16] • SBI Remit[3] • Shanghai Huarui Bank (SHRB)[7] • Siam Commercial Bank (SCB)[7] • Skandinaviska Enskilda Banken AB (SEB)[6] • Standard Chartered[7] • Star One Credit Union[6] • Tas Group[17] • Temenos Group[11] • UBS[5] • UniCredit Group[5] • Volante Technologies[18] • Westpac Banking Corp[7] • Yantra Financial Technologies[19] • Yes Bank[6]
Experimenting (publicly known) Aeon Bank[20] • Aomori Bank[20] • Ashikaga Bank[20] • Australia and New Zealand Banking Group (ANZ)[21] • Awa Bank[20] • Bank of England[22] • Bank of the Ryukyus[20] • Bank of Yokohama[20] • Chiba Bank[20] • Chugoku Bank[20] • Commonwealth Bank of Australia[23] • Daiwa Next Bank[20] • DBS Group Holdings[24] • Fukui Bank[20] • Gunma Bank[20] • Hachijuni Bank[20] • Hiroshima Bank[20] • Hokuriku Bank[20] • Hyakugo Bank[20] • Iyo Bank[20] • Juroku Bank[20] • Keiyo Bank[20] • Michinoku Bank[20] • Mizuho Financial Group[20] • Musashino Bank[20] • Nishi-Nippon City Bank[20] • North Pacific Bank[20] • Oita Bank[20] • Orix Bank Corporation[20] • Resona Bank[20] • Royal Bank of Scotland (RBS)[25] • San-in Godo Bank • SAP[26] • SBI Sumishin Net Bank[20] • Senshu Ikeda Bank[20] • Seven Bank[20] • Shimizu Bank[20] • Shinkin Central Bank[20] • Shinsei Bank[20] • Sikoku Bank[20] • Sony Bank[20] • Sumitomo Mitsui Trust Bank[20] • Suruga Bank[20] • The 77 Bank[20] • The Daishi Bank[20] • The Nomura Trust & Banking Co.[20] • Tochigi Bank[20] • Toho Bank[20] • Tokyo Star Bank[20] • Tsukuba Bank[20] • Western Union[27] • Yachiyo Bank[20] • Yamagata Bank[20] • Yamaguchi Bank[20]
On September 15, 2016, Ripple announced it had secured $55 million from investors, adding to a previous $95 million funding round, taking the total to $150+ Million in VC funding from Google Ventures, Seagate, Core Innovation Capital, Andreessen Horowitz, IDG Capital Partners, AME Cloud Ventures, Standard Chartered, Accenture Ventures, SCB Digital Ventures, SBI Holdings.[28]
$100 million XRP denominated hedge fund announced on 11/28/17 by Michael Arrington, founder of TechCrunch.[29] 
On 12/27/2017 it was announced that 3 Japanese credit card companies partnered with Ripple: JCB, Sumitomo Mitsui Card, and Credit Saison.[30]

Upcoming events

Scandals

External links

  1. https://ripple.com/company/leadership
  2. https://www.consultancy.uk/news/2799/payments-platform-ripple-inks-partnership-with-accenture
  3. 3.0 3.1 http://www.ibtimes.co.uk/blockchain-payments-firm-ripple-signs-10-more-banks-psps-1618743
  4. "Coming in 2017: "Live" Blockchain Deployments Promise to Accelerate Payment Processing Services and Trade Finance". Coming in 2017: “Live” Blockchain Deployments Promise to Accelerate Payment Processing Services and Trade Finance. Retrieved 2017-12-18. 
  5. 5.0 5.1 5.2 5.3 5.4 5.5 https://ripple.com/insights/seven-leading-banks-join-ripples-global-network/
  6. 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 http://www.ibtimes.co.uk/blockchain-payments-firm-ripple-signs-10-more-banks-psps-1618743
  7. 7.0 7.1 7.2 7.3 7.4 7.5 7.6 7.7 https://ripple.com/insights/several-global-banks-join-ripples-growing-network/
  8. 8.0 8.1 https://gigaom.com/2014/09/24/two-us-banks-are-ready-to-embrace-the-ripple-protocol-allowing-instant-global-money-transfers/
  9. https://www.finextra.com/pressarticle/64072/cgi-adds-ripple-gateway-to-payments-portfolio
  10. http://www.bankingtech.com/382631/dh-adopts-ripple-distributed-ledger-to-reduce-costs/
  11. 11.0 11.1 http://www.bankingtech.com/497492/ripple-and-temenos-power-deloittes-payments-project/
  12. https://blogs.wsj.com/moneybeat/2014/12/04/bitbeat-ripple-partners-with-global-payments-service-earthport/
  13. http://www.expertus.ca/wp-content/uploads/2016/04/20160419__Expertus-Adds-Blockchain-to-its-Payment-Hub-Offering.pdf
  14. http://www.bankingtech.com/249752/next-out-of-the-block/
  15. https://www.finextra.com/newsarticle/28960/santander-taps-ripple-blockchain-tech-for-international-payments-app
  16. http://www.coindesk.com/sbi-holdings-ripple-new-company/
  17. http://www.tasgroup.eu/solutions/payment-networks/ripple
  18. http://www.bankingtech.com/506352/volante-launches-a-plug-and-play-ripple-integration-solution/
  19. http://www.businesswire.com/news/home/20141103006189/en/Yantra-Financial-Technologies-Integrates-Ripple-Protocol-Latest
  20. 20.00 20.01 20.02 20.03 20.04 20.05 20.06 20.07 20.08 20.09 20.10 20.11 20.12 20.13 20.14 20.15 20.16 20.17 20.18 20.19 20.20 20.21 20.22 20.23 20.24 20.25 20.26 20.27 20.28 20.29 20.30 20.31 20.32 20.33 20.34 20.35 20.36 20.37 20.38 20.39 20.40 20.41 20.42 20.43 20.44 20.45 http://www.sbigroup.co.jp/english/news/pdf/2017/0302_a_en.pdf
  21. http://siliconangle.com/blog/2015/06/09/westpac-anz-trial-ripples-blockchain-ledger-system-but-say-no-to-bitcoin-for-now/
  22. http://www.telegraph.co.uk/business/2017/03/17/bank-england-trials-artificial-intelligence-blockchain-bid-stay/
  23. http://siliconangle.com/blog/2015/06/01/cba-signs-deal-with-ripple-for-blockchain-settlements-may-eventually-support-bitcoin/
  24. https://www.bloomberg.com/news/articles/2016-05-22/stanchart-dbs-s-trade-finance-distributed-ledger-how-it-works
  25. http://www.coindesk.com/rbs-trials-ripple-part-3-5-billion-tech-revamp/
  26. https://www.bloomberg.com/news/articles/2016-07-29/threat-of-blockchain-prompts-new-strategy-for-germany-s-sap
  27. http://bankinnovation.net/2015/04/western-union-will-give-ripple-a-chance/
  28. https://www.reuters.com/article/us-usa-ripple-funding/ripple-raises-55-million-in-second-funding-round-adds-several-banks-to-network-idUSKCN11L1NU
  29. http://fortune.com/2017/11/28/arrington-xrp/
  30. https://www.nikkei.com/article/DGXMZO25102920W7A221C1EE9000/