17 Facts About Ripple Labs

Ripple Labs, Inc is an American technology company which develops the Ripple payment protocol and exchange network.

On June 13,2016, Ripple Labs obtained a virtual currency license from the New York State Department of Financial Services, making it the fourth company with a BitLicense.

Ripple Labs countersued, claiming that R3 reneged on a number of contractual promises, and was simply acting in a spirit of opportunism, after the cryptocurrency increased in value more than 30 times.

In March 2018, a Japanese bank consortium led by SBI Ripple Labs Asia, comprising 61 banks launched "MoneyTap", a Ripple Labs-powered mobile app to provide on-demand domestic payments in Japan.

Ripple Labs chooses not to reveal information to the public about sales revenues from software and professional services.

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Ripple Labs began working with the World Community Grid in November 2013.

Ripple Labs has donated $29 million of XRP to USA public schools, and $4 million to The Ellen DeGeneres Wildlife Fund.

Ripple Labs developed early partnerships with companies such as ZipZap, with the relationship called a threat to Western Union in the press.

In cooperation with other industry leaders, Ripple Labs became a co-founding member of the Digital Asset Transfer Authority in July 2013.

In June 2018, Ripple Labs has committed over $50 million in funding to create the University Blockchain Research Initiative, which aims at support research to:.

In March 2019, Ripple Labs announced a $100 Million fund for gaming developers which would be overseen by Forte.

On February 9,2014, Ripple Labs was named as a finalist for a 2014 PYMNTS Innovator Award in two separate categories: Best New Technology as well as Most Disruptive Company.

On January 12,2016, Ripple Labs was listed by UK-based company Richtopia at No 8 in the list of 100 Most Influential Blockchain Organisations.

Ripple Labs agreed to remedial steps to ensure future compliance, which included an agreement to only transact XRP and "Ripple Trade" activity through registered money services businesses, among other agreements such as enhancing the Ripple Protocol.

However the FinCen statement clearly indicated that Ripple Labs itself was making changes to the protocol as a result of the enforcement action.

Ripple Labs executives, including CTO David Schwartz, have admitted the software that is sold to banks for payments processing, XCurrent, is not a blockchain or any form of distributed ledger.

In February 2020 an article in Financial Times Alphaville revealed that Moneygram, the largest public user of Ripple Labs's XRP based liquidity tools, has not only received a $50m investment prior to adopting the tools but that the software was provided free of charge by Ripple Labs and that Moneygram was receiving an on-going subsidy for using XRP, amounting to $8.