On September 20, the Ripple team celebrated the 7th anniversary of the new payment protocol development. The company wrote this on Twitter.
Today we celebrated our 7th anniversary at Ripple offices around the world! pic.twitter.com/tagARRbav5
— Ripple (@Ripple) September 19, 2019
Ripple has its own achievements against the background of other cryptocurrencies running on the blockchain tech. Within 7 years of development, the project managed to achieve considerably. Constant development and cooperation demonstrate tangible progress in the project’s activity.
To understand what attracts companies to Ripple, we need to study the history of its conception.
How Has The Project Developed Over The Past 7 Years
The main goal of the project was to make changes to the process of banking transactions. Specifically, the team to rid these payments of external influence. Besides, work was carried out to reduce costs and increase the speed of operations. As a result, a new cryptocurrency appeared, which was called Ripple. To achieve all of the goals, the project was looking for new investments. And investors were found. Therefore, Ripple signed the first cooperation agreement with German bank Fidor in early 2015.
The financial performance has been increasing. And Western Union, the largest player on the global money transfer market joined Ripple soon. However, the cryptocurrency itself continued to cost not very expensive, unlike other tokens.
Ripple attracted the largest investor well-known, Google, in 2016. This allowed the company to successfully enter the well-developed financial expanses of Asian countries – Japan, China, and South Korea. The partners of the company have become many credit organizations from these countries.
At the end of 2017, Ripple entered the arena with partnerships such as American Express and Santander. Both giants have announced a decision to use the Ripple protocol for payments between the US and Britain, while South Korean and Japanese banks will use a distributed ledgers for cross-border payments.
That time Ripple’s token XRP demonstrated unprecedented growth with 7000% gain.
In 2018, Ripple announced the successful launch of its xRapid pilot project.
That time the team integrated RippleNet technology into the National Commercial Bank, located in Saudi Arabia and one of the largest banks in the Middle East.
Ripple Development Nowadays
Last year, the RippleNet network included more than 120 banks and financial institutions, then in 2019, there were more than 200 of them. With this number of customers, it came out on TOP-10 of alternative payment systems over 40 countries.
Among the latest high-profile Ripple partnerships were collaboration with the payment giant MoneyGram and several banking institutions around the world.
As we can see, currently, Ripple is one of the most promising projects on the market.
Also, the team is not going to stop here. According to recent reports, project developers are working hard on the possibility of launching the implementation of xRapid as an ILP connector.
Taking into account, such serious financial partners, and a number of ordinary users begin to acquire Ripple tokens.
Many people believe that as institutional support from the World Bank and the IMF grows, Ripple’s business will improve and XRP holders will be able to make a huge profit.
Although Ripple prefers to position itself as a software developer, it has been trading XRP coins for several years. Ripple has also become one of the most famous and expensive technology startups, while the coin itself has been in the top 3 capitalization ratings for quite some time.
Ripple gathered a room full of champions! Probably the most soon to be the impactful company in the history of the world. Looking for great things in the future!