Ripple Labs, known more commonly as Ripple, is a currency exchange, gross settlement, and remittance network that operates in real-time.
Ripple relies on a common shared ledger, which is a distributed database storing information about all Ripple accounts.
For its creation and development of the Ripple protocol (RTXP) and the Ripple payment/exchange network Ripple Labs was named as one of 2014’s 50 Smartest Companies in the February 2014 edition of MIT Technology Review.
In December 2020, the company and top executives were accused by the U.S. Securities and Exchange Commission of misleading investors in XRP, the world’s third-largest cryptocurrency. The company is accused of selling more than $1 billion of the virtual tokens without registering with the agency.
Also in December 2020, the company has sold 33% of its shares in Moneygram. The decision seems in part to be motivated by the surging Moneygram share price and Ripple’s desire to cash out after buying the shares at a premium of $4.10 in 2019.
The company maintains a corporate office in San Francisco, California.