Ripple is one of the most valuable digital currencies. Within a few years, the token catapulted itself into the top list of the most sought-after crypto currencies in the world. But who is behind Ripple?
Bitcoin is the number one in the world of cryptocurrencies. Nevertheless, there are a number of other tokens that have been able to catch up. One of them is Ripple XRP. XRP is the actual coin, while Ripple is the name of the blockchain company, according to the company behind the cryptocurrency on its website. XRP is now among the ten cryptocurrencies with the largest market capitalization in the CoinMarketCap ranking. But how did the motto come about and who is behind the system?
Ripple’s goal
According to blockchainwelt.de, Ripple aims to replace the existing system in the banking sector with a blockchain solution. To this end, transactions should be made as cheap as possible and the transaction exchange should be limited to a few seconds. You also want to avoid expensive currency exchanges. With this goal, however, the company quickly caused a stir in the crypto scene. While digital currencies are usually intended to avoid traditional banking transactions, Ripple wants to actively work with them.
According to blockchainwelt.de, Ripple was sued by the US Securities and Exchange Commission (SEC) at the end of 2020. The supervisory authority classified the XRP token as a security, although there was no official license for this. Although Ripple defends itself against the allegations, its own cryptocurrency has since suffered a significant loss in value. How the legal dispute will end remains unclear at first.
Ryan Fugger
The Ripple concept was originally founded in 2004 by Ryan Fugger with the aim of creating a decentralized monetary system that would empower individuals and groups to create their own money. So he founded the online platform RipplePay.com. According to the news portal Crunchbase, Fugger is a web and software developer and currently works as a technical advisor for the NFT marketplace Acquicent and as an ICO advisor for the decentralized storage network Bluzelle. The IT expert writes on his website that he is currently not taking on any new projects. The reason for this could be chronic fatigue syndrome, which he says he has been suffering from since 2001.
Jed McCaleb
Meanwhile, in San Francisco, Jed McCaleb and Chris Larsen began working on developing a platform for digital currencies. The two, who probably became aware of Ripple via Fugger’s online platform, suggested they work together. In 2012, the company “OpenCoin” was founded, which was renamed “Ripple Labs” in 2015. McCaleb is a programmer and worked for Ripple Labs as technical director until 2013, when he left the company and created its own cryptocurrency, Stellar. He was also involved in the development of other systems and platforms such as the data exchange network “eDonkey” and the online trading platform for Bitcoin “Mt.Gox”.
Chris Larsen
While McCaleb left Ripple Labs early on, Chris Larsen served the startup as CEO for a few years. The studied economist also participated in the founding of other companies such as the financial service provider “E-Loan” and the online platform “Prosper Marketplace”. He is particularly committed to consumer rights and was a vocal advocate for financial privacy in California in 2001. Larsen temporarily held the position of executive chairman of Ripple’s board of directors.
Brad Garlinghouse
The current CEO of Ripple Labs is Brad Garlinghouse. The 46-year-old is a trained economist and has a degree from Harvard University. Before joining Ripple Labs in 2015, he worked for well-known companies such as Yahoo!, AOL and Hightail. Based on his company shares and the Ripple coins he owns, Forbes estimates his fortune at billions.
Editorial team finanzen.net