Ripple is a blockchain-based digital payment company that uses the XRP Ledger blockchain and XRP to provide cross-border payment and crypto liquidity services to businesses. It operates in the financial technology industry, providing blockchain and cryptocurrency cross-border payment, crypto liquidity, and central bank digital currency services. Ripple has been involved in various funding rounds since 2012, raising a total of $293.8 million. The company has also helped countries create their own central bank digital currencies (CBDCs) through its Ripple CBDC platform.

Ripple has expanded its capabilities by acquiring companies involved in cryptocurrency and technology that complements it. In 2024 and 2023, it acquired Standard Custody & Trust and Metaco, crypto custody services providers. As of October 18, 2024, Ripple is in the process of issuing a stablecoin backed by cash and cash equivalents and is awaiting regulatory approval.

Ripple is the first business to incorporate blockchain and cryptocurrency into a global enterprise financial network, but it faces challenges such as regulatory concerns and lawsuits. As of October 18, 2024, Ripple’s stablecoin is unavailable for purchase but will be available (if approved) on major global exchanges. RLUSD, a different type of virtual asset, is supposed to be fully backed by cash and cash equivalents at a ratio of 1:1.