Ripple (Cryptocurrency)

Ripple is a blockchain-based digital payments company that created the XRP Ledger and the cryptocurrency XRP. Its platforms and services focus on cross-border payment settlement, crypto liquidity, and enterprise remittance solutions—functioning as a faster, lower-cost alternative to legacy systems like SWIFT. Ripple also provides tools for central bank digital currency (CBDC) development.

Key takeaways

• Ripple operates a payments network and protocol that leverages the XRP Ledger and XRP.
• The company sells cross-border payment, crypto liquidity, and CBDC solutions to financial institutions and businesses.
• Ripple has raised capital across multiple funding rounds and has been valued at over $11 billion.
• In 2024–2025 Ripple launched an approved US dollar–backed stablecoin, RLUSD, available on major exchanges.
• Ripple develops services on the XRP Ledger but does not claim ownership or sole control of the ledger or the XRP cryptocurrency.

What Ripple does

• Cross-border payments and remittances: Offers settlement rails and liquidity tools to speed up international transfers and reduce costs.
• Crypto liquidity: Provides on-demand liquidity products that use digital assets to facilitate instant cross-currency transactions.
• CBDC support: Helps central banks explore and deploy digital currency prototypes via its Ripple CBDC platform.
• Institutional custody and services: Expanded capabilities through acquisitions to support institutional-grade custody and liquidity offerings.

Fundraising and financials

• Since 2012, Ripple completed 14 funding rounds, raising roughly $293.8 million.
• Reported valuation has exceeded $11 billion; press reports also noted a possible $285 million share buyback in 2024.
• Recent investors include private and venture backers (e.g., The K Fund and Azure Ventures Group).

History and leadership

• Founded in 2012 (initially as OpenCoin) by Chris Larsen, David Schwartz, Arthur Britto, and Jed McCaleb.
• Founders background: serial fintech entrepreneurs and software engineers involved in early XRP Ledger development.
• Current leadership:
• CEO: Brad Garlinghouse
• CTO: David Schwartz
• President: Monica Long
• CFO: Jon Bilich

Recent developments

Acquisitions and product expansion
* Acquired custody technology companies including Standard Custody & Trust and Metaco (2023–2024) to bolster institutional custody and liquidity services.
* Launched RLUSD, a U.S. dollar–backed stablecoin designed to be 1:1 backed by cash and cash equivalents.

Regulatory and legal matters
* The U.S. Securities and Exchange Commission (SEC) sued Ripple in 2020 alleging unregistered securities sales.
* In 2023, Judge Analisa Torres ruled that XRP sales on exchanges were not securities, but certain institutional sales could qualify as securities transactions.
* The SEC dropped charges against individual executives Chris Larsen and Brad Garlinghouse; litigation with the SEC continued into 2024.
* In August 2024, Ripple was ordered to pay $125 million to resolve matters with the SEC and the case was finalized.

Stablecoin (RLUSD)
* RLUSD is intended to be fully backed 1:1 by cash and cash equivalents and will not be built on or use XRP for backing.
* Approved by the New York Department of Financial Services in January 2025.
* Available on major exchanges and platforms including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, Sologenic, and Bullish.

How to acquire RLUSD

RLUSD is distributed on a range of centralized and decentralized exchanges. To buy RLUSD:
1. Create an account on a supporting exchange or platform (verify KYC requirements).
2. Deposit fiat or a supported cryptocurrency.
3. Purchase RLUSD at the on-platform market or via the exchange’s buy/convert interface.
4. For custody, choose between exchange custody, third-party institutional custody, or self-custody depending on your needs.

Outlook

Ripple positions itself as an enterprise-focused gateway to blockchain-based payment rails without requiring customers to run or maintain their own blockchains. Its future depends on continued demand for faster, lower-cost cross-border settlement, institutional adoption of crypto liquidity services, and regulatory clarity across key jurisdictions. Recent product launches and acquisitions have strengthened its institutional offerings, while legal and regulatory history remains an important factor for potential partners and customers.

Conclusion

Ripple pioneered enterprise blockchain payment services by building products around the XRP Ledger and XRP token. It offers cross-border settlement, liquidity solutions, and CBDC tools, and has expanded into institutional custody and a U.S. dollar stablecoin (RLUSD). While regulatory challenges have shaped its trajectory, Ripple continues to develop services aimed at integrating blockchain technology into global financial infrastructure.