Competitor Profile: Ripple 2024

Competitor Profile: Ripple 2024

Competitor Profile: Ripple 2024

Summary

Ripple offers a global real-time payment system that enables banks and financial institutions around the world to transact cross-border via RippleNet, a decentralized global network of banks and payment providers. The organizations in the network use Ripple’s distributed ledger technology, which provides real-time clearing and settlement of financial transactions. In addition to cross-border transfers, Ripple enables trading of its cryptocurrency XRP, which is now listed on over 100 digital asset exchanges globally, including Bitstamp, Kraken, Coinone, Bitso, and Coincheck.

Ripple eliminates the need for financial institutions to maintain nostro accounts, where a domestic bank holds a foreign account denominated in foreign currency in order to enable cross-currency settlement. Ripple’s XRP account instead allows customers to make payments with any currency. This results in faster fund transfers, as Ripple can process transactions in three to five seconds - compared to three to five days via traditional methods.

In May 2023, Ripple Launched Ripple central bank digital currency (CBDC) platform, enabling central banks and governments to issue their own CBDCs and stablecoins.

The report provides information and insights into Ripple including -

• Detailed insight into its business
• Comprehensive coverage of its products and services
• Comparative assessment with key alternative payment solutions
• Information on its performance highlights
• The company's important events and milestones

Key Highlights

• In September 2012, Ripple founded as OpenCoin.
• In May 2016, Ripple partnered with Santander to enable cross-border payments in the UK.
• In 2017, Ripple launched Ripple xVia in beta.
• In June 2020, Ripple (along with 40 other payment services providers) launched PayID. PayID is an electronic payment ID similar to an email address, which can be used to make or receive money in both crypto and fiat currencies in real time.
• In April 2024, Ripple allied with Tokyo-based consulting company HashKey DX to introduce XRPL in the Japanese market.

Scope

• Learn about company's business proposition, and important achievements regarding product launches, partnerships, mergers, and acquisitions.
• Examine the company’s operational and financial performance and benchmark it against its competitors.
• Detailed insight into company's current products and services mix.

Reasons to Buy

• Gain insights into Ripple business operations and key events.
• Gain insights into its product portfolio and performance highlights.
• Assess the competitive dynamics in the alternative payments industry by comparing its performance against competitors.