Ripple Labs Inc. is an American technology company that is working on the Ripple payment protocol. Chris Larsen and Jed McCaleb founded Ripple Labs in 2012 in San Fransisco, California. The idea behind Ripple was to create a decentralized financial system in which individuals could create their own money.
OpenCoin developed the ripple protocol in 2013 and later changed its name to Ripple. Ripple receives most of its funding through the sale of XRP tokens. XRP tokens are cryptocurrencies that traders and investors can buy and sell on cryptocurrency exchanges. Ripple itself holds the majority of XRP tokens.
Apart from selling XRP tokens, Ripple raised funds through Series A, B, and C angel funding. The company has received over a billion dollars in funding in total. Ripple uses this money to further develop the Ripple protocol (RTXP) and the Ripple payment/exchange network.
Ripple Payment Protocol
The Ripple payment protocol is a real-time gross settlement system, currency exchange, and remittance network. It is an open-source protocol that uses blockchain technology to enable the trading of currencies, commodities, and other units of value.
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