Ripple (XRP) is one of the leading cryptocurrencies of the market. In fact, it is currently positioned at the third place, based on its market capitalisation (as per data sourced from Coinmarketcap). XRP is based in the Ripple blockchain and if you know what type of blockchain Ripple is, you would also know that it is a rather unique one. Created as a payment protocol for real-time gross settlements, Ripple is popular in the worlds of both virtual and traditional finance. Now, given how wonderful it is, many of you many of you may be wondering: which company owns Ripple (XRP)?
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The Company Behind Ripple (XRP)
XRP is owned, issued and managed by an American technology company called Ripple Labs Inc. This firm is entirely responsible for creating and maintaining the payment protocol that lies at the heart of Ripple and for running the blockchain-based exchange network.
The company was originally founded in 2012, based out of San Francisco, California. When it was first opened up, it was called Opencoin. Only in 2015, was it named Ripple Labs.
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Background of Ripple Labs:
The idea of Ripple reportedly first took root all the way back in 2004, when Ryan Fugger thought of creating his own version of a decentralized system to allow people to create and exchange money. He went on to create the first rudimentary version of his idea: RipplePay.cpm.
Then, in 2011, Jed McCaleb started working on a new digital currency system where consensus, and not mining like in the case of Bitcoin, would determine the confirmation of transactions.
Eventually, Jed McCaleb collaborated with business executive and angel investor Chris Larsen and approached Fugger. Eventually, in August 2012, with Fugger having handed over control, McCaleb and Larsen founded Opencoin.
Ripple Labs Now:
Since then, Opencoin aka Ripple Labs has undergone several changes. Jed McCaleb later went on to leave Ripple Labs and start a similar payment protocol and cryptocurrency system of his own, calling it Stellar.
Chris Larsen has continued to be a part of the company, staying on as its Executive Chairman. Other leading people involved in the company’s management include Chief Executive Officer (CEO) Brad Garlinghouse and Chief Technology Officer (CTO) David Schwartz. The latter is considered to be one of the founding members of the Ripple consensus network.
Ripple is continuing to grow stronger and more well-established. Even as a though a few controversies have indeed come its way, it has still managed to continue on the road to success with notable partnerships and exciting products.
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