One of the biggest current crypto companies, Ripple Labs, made a statement in a report that they have received 200 million USD from investors, consequently, boosting the company’s total value to 10 billion USD. Ripple has launched seven years ago in San Francisco and throughout the years the company has brought into the world their payment protocol, cryptocurrency exchange platform as well as the XRP crypto asset. The main goal of Ripple has become improving international transactions for the financial sector.
Ripple’s technology allows us to develop crypto coins as well as represent crypto coins by traditional money making the market more liquid. Crypto asset transactions are performed on the blockchain; a decentralized platform where all the transfers are recorded and can not be undone. In the Ripple system, if you are connected to the internet and have a key, you can easily send, receive and keep crypto assets.
The Chief Executive Officer of Ripple, Brad Garlinghouse, said in a statement that while other companies have shown a decrease in their growth speed this year, Ripple has been flourishing and established its leadership position in the crypto industry.
This June, the company brought a 10 percent share of MoneyGram and then proceeded to integrate it with its on-demand liquidity settlement network. According to Ripple, the system allows users to reduce the settlement time from 2 days to 3 seconds. What separates XRP from other crypto assets is that the coins are pre-mined, there are 100 billion coins on the market and 60 percent of those are owned by the company itself. So unlike most cryptocurrencies, XRP is centralized and still manages to be the 3rd largest crypto coin based on market cap following Bitcoin (BTC) and Ether (ETH). A number of other large companies have also been launching centralized crypto coins.