1 founder chris larsen jed mccaleb headquarters san francisco california area served worldwide key people ryan fugger concept originator alan safahi advisory board david schwartz chief cryptographer products ripple payment and exchange network number of employees 150 2016 2 website ripple.com the company ripple is the creator and a developer of the ripple payment protocol and exchange network . originally named opencoin and renamed ripple labs until 2015 the company was founded in 2012 and is based in san francisco california . 1 contents 1 history 2 business model 2.1 revenue 3 programs and projects 3.1 charitable contributions 3.2 software development 4 partnerships and initiatives 5 awards and recognitions 6 fincen fines ripple for bank secrecy act violations 7 references 8 external links history edit ryan fugger conceived ripple in 2004 after working on a local exchange trading system in vancouver . the intent was to create a monetary system that was decentralized and could effectively empower individuals and communities to create their own money . fugger later built the first iteration of this system ripplepay.com . concurrently in may 2011 jed mccaleb began developing a digital currency system in which transactions were verified by consensus among members of the network rather than by the mining process used by bitcoin . in august 2012 jed mccaleb hired chris larsen and they approached ryan fugger with their digital currency idea . after discussions with mccaleb and long standing members of the ripple community fugger handed over the reins . in september 2012 chris larsen and jed mccaleb co founded the corporation opencoin . 3 opencoin began development of the ripple protocol rtxp and the ripple payment and exchange network . on 11 april 2013 opencoin announced it had closed an angel round of funding with several venture capital firms . that same month open coin acquired simplehoney to help it popularize virtual currencies and make them easier for average users . 4 on 14 may 2013 opencoin announced that it had closed a second round of angel funding . 5 in july 2013 jed mccaleb separated from active employment with ripple . 6 on 26 september 2013 opencoin officially changed its name to ripple labs inc. 1 their cto stefan thomas further announced that the source code for the peer to peer node behind the ripple payment network was officially open source . parts of ripple particularly a javascript based web client had been open source months before but the release of the peer to peer full node rippled meant that the community now had the required tools needed to maintain the ripple network on its own . 7 on 5 may 2015 ripple received a us 700 000 civil money penalty from u.s. treasury s financial crimes enforcement network fincen . 8 on 6 october 2015 the company was rebranded from ripple labs to ripple . 9 on june 13 2016 ripple obtained a virtual currency license from the new york state department of financial services making it the fourth company with a bitlicense . 10 business model edit ripple is a privately funded company . it has closed five rounds of funding which included two rounds of angel funding one round of seed funding one series a round and one series b round . 4 11 12 13 14 2 date funding type investor amount april 2013 angel andreessen horowitz ff angel llc lightspeed venture partners pantera capital vast ventures bitcoin opportunity fund us 2.5 million may 2013 angel google ventures idg capital partners us 3.0 million november 2013 seed core innovation capital venture51 camp one ventures idg capital partners us 3.5 million may 2015 series a idg capital partners seagate technology ame cloud ventures chinarock capital management china growth capital wicklow capital bitcoin opportunity corp core innovation capital route 66 ventures rre ventures vast ventures venture 51 us 28 million october 2015 series a santander innoventures us 4 million september 2016 series b standard chartered accenture scb digital ventures sbi holdings santander innoventures cme group seagate technology us 55 million revenue edit ripple s revenue sources include professional services provided to financial network operators being integrated with ripple software built to integrate legacy financial systems with ripple and the native currency xrp . ripple is also backed by several established investors that provide an additional layer of financial stability . 15 programs and projects edit charitable contributions edit of the xrp80 billion that ripple labs was gifted ripple follows a distribution strategy that encompasses payments to business partners such as gateways market makers and charitable organizations . 16 ripple labs began working with the world community grid in november 2013 . the world community grid pools surplus processing power from volunteers computers and electronic devices to support humanitarian causes such as fighting aids improving solar energy and defeating cancer . individuals who join the ripple labs team and donate their spare processing power are rewarded with xrp . as of 18 march 2014 ripple labs has given away xrp134 528 800 through the world community grid at a rate of xrp1 250 000 per day . 17 18 19 software development edit ripple labs launched a developer portal designed to bring together tools and resources for the developer community . these include an api for its payment network based on the popular rest api standard . the firm also developed a bounty program for third party developers to encourage them to create services for its combined protocol and payment network.the first one was claimed by developer mathijs koenraadt who developed a ripple extension to e commerce platform magento . the extension enables magento to read the ripple public ledger and create an invoice . european luxury jewelry outlet rita zachari has adopted it and is one of the first merchants to offer a ripple wallet payment option at checkout . 20 ripple labs has been involved in several development projects related to the protocol releasing for example an ios client app for the iphone that allows iphone users to send and receive any currency via their phone . 20 21 22 this ripple client app no longer exists . 23 on 2 july 2013 ripple labs announced its linking of the bitcoin and ripple protocols via the bitcoin bridge . the bitcoin bridge allows ripple users to send a payment in any currency to a bitcoin address . 24 25 partnerships and initiatives edit in march 2014 crosscoin ventures launched an accelerator which funds companies that work to advance the ripple ecosystem . the firm funds accepted startups with up to us 50 000 equivalent to 49 979 in 2015 in xrp ripple s native currency in exchange for a 3 % to 6 % stake in diluted common stock . mentorship and support is provided by crosscoin and ripple labs inc. 26 ripple also developed early partnerships with companies such as zipzap 27 with the relationship called a threat to western union in the press . 28 in cooperation with other industry leaders ripple labs became a co founding member of the digital asset transfer authority data in july 2013 . data provides best practices and technical standards including anti money laundering compliance guidance for companies that work with digital currency and other emerging payments systems . the committee works as a liaison among public officials businesses and consumers and create common rules to protect consumers . the initiative attempts to create a cohesive voice of bitcoin community members when interacting with regulators . 29 30 awards and recognitions edit for its creation and development of the ripple protocol rtxp and the ripple payment exchange network the magazine mit technology review recognized ripple labs as one of 2014 s 50 smartest companies in its february 2014 issue . the criteria for the recognition revolved around whether a company had made strides in the past year that will define its field . 31 on 9 february 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 . the recognition pertains to ripple labs work in creating ripple an open source distributed payment protocol powering a new global value web . 32 other awards february 2015 fast company . the world s top 10 most innovative companies of 2015 in money . 33 february 2015 american banker . 20 fintech companies to watch . 34 august 2015 ripple labs awarded as technology pioneer by world economic forum . 35 december 2015 forbes . fintech 50 . 36 december 2015 h2 ventures kpmg . fintech 100 . 37 march 2016 pymnts innovation project 2016 . best b2b innovation award . 38 june 2016 fortune . 5 hottest companies in fintech . 39 fincen fines ripple for bank secrecy act violations edit on may 5 2015 fincen fined ripple labs and xrp ii us 700 000 for violation of the bank secrecy act 40 based on the financial crimes enforcement network s anti money laundering aml additions to the act in 2013 . 41 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 msb among other agreements such as enhancing the ripple protocol . 40 the enhancement won t change the protocol itself but will instead add aml transaction monitoring to the network and improve transaction analysis . 41 references edit a b c company overview of ripple labs inc. . businessweek . retrieved 18 march 2014 . a b big banks invest 55 million in blockchain startup ripple s series b . coindesk . 15 september 2016 . retrieved 28 september 2016 . reutzel bailey . disruptor chris larsen returns with a bitcoin like payments system . paymentsource . retrieved 18 march 2014 . a b rip empson 11 april 2013 . now backed by andreessen & more opencoin looks to build a better bitcoin and a universal payment ecosystem . techcrunch . retrieved 17 march 2014 . shirley siluk . google ventures invests in bitcoin competitor opencoin . coindesk . retrieved 18 march 2014 . southurst john . ripple creator donates 500 000 xrp to artificial intelligence research charity . coindesk . retrieved 19 march 2014 . vitalik buterin 26 september 2013 . ripple is officially open source . bitcoin magazine . retrieved 18 march 2014 . fincen fines ripple labs inc. in first civil enforcement action against a virtual currency exchanger pdf press release . fincen . 5 may 2015 . retrieved 6 may 2015 . liu alec 6 october 2015 . a new chapter for ripple . ripple . retrieved 2015 10 22 . ripple receives bitlicense . retrieved june 20 2016 . spaven emily 12 november 2013 . online payment network ripple labs receives 3.5 m in new funding . coindesk . retrieved 17 march 2014 . ripple labs announces 3.5 million investment round press release . ripple labs . 12 november 2013 . retrieved 17 march 2014 . ripple labs raises 28 million from idg capital partners cme group seagate and others . ripple labs . 18 may 2015 . retrieved 13 april 2016 . ripple adds santander innoventures fund as series a investor press release . ripple . 6 october 2015 . retrieved 13 april 2016 . ripple protocol for financial transactions pdf . brian jackson . beyond bitcoin . itbusiness.ca . retrieved 19 march 2014 . danny vega . ripple s big move mining cryptocurrency with a purpose . heavy . retrieved 18 march 2014 . computing for good . ripple labs . retrieved 18 march 2014 . world community grid . ibm . retrieved 18 march 2014 . a b bradbury danny . ripple courts developers entrepreneurs with new initiatives . coindesk . retrieved 18 march 2014 . introducing ripple client the ios app . ripple blog . ripple labs inc. kirk jeremy . apple removes blockchain last bitcoin wallet app from ios app store . pcworld