January 18, 2017 1:14 PM ET

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Company Overview of Ripple Labs Inc.

Company Overview

Ripple Labs Inc. provides Ripple protocol, an open-source distributed payment network that enables payments to merchants, consumers, and developers. Its payment protocol transforms payments to work like communications. The company was formerly known as OpenCoin, Inc. and changed its name to Ripple Labs Inc. on September 26, 2013. Ripple Labs Inc. was founded in 2012 and is based in San Francisco, California.

300 Montgomery Street

12th Floor

San Francisco, CA 94104

United States

Founded in 2012

Key Executives for Ripple Labs Inc.

Chief Executive Officer
Age: 45
Co-Founder and Executive Chairman
Age: 55
Chief Financial Officer
Chief Technology Officer
Compensation as of Fiscal Year 2016.

Ripple Labs Inc. Key Developments

Ripple Announces Management Changes

Ripple announced Chris Larsen has decided to transition from his operational role as chief executive officer of Ripple to executive chairman of Ripple’s board of directors. He has named Brad Garlinghouse his successor as CEO of Ripple, effective January 1, 2017. As executive chairman of Ripple, Larsen will be responsible for leading the board of directors, strategic oversight of the business and identifying strategic partnership opportunities. He’ll remain the controlling shareholder of the company. Garlinghouse will take the helm as CEO after more than a year and a half as Ripple’s president and chief operating officer. As president and chief operating officer, Brad built out Ripple’s organization to support a global enterprise software business, established operational excellence, and led more than 3.5 times growth in customer adoption. Brad was previously CEO of Hightail, where he doubled the company’s revenue in a highly competitive market. In 2006, Larsen co-founded Prosper Marketplace, the first peer-to-peer lending marketplace in the U.S. He co-founded Ripple in 2012 and has served as CEO and chairman of the board since.

Ripple Labs Seeks Acquisitions

Ripple Labs Inc. is looking for acquisition opportunities. Ripple’s fresh funds have also given the company ammunition for acquisitions. Chris Larsen, Chief Executive of Ripple said, "We do think there will be opportunities especially with the change of tone of what's getting funded and not. There will be really good companies that can't get to the next round and might be better for them to be bought out. We will look at opportunities about what we can integrate with our business."

ATB Financial Collaborates with SAP SE, Ripple Labs Inc. and ReiseBank AG to Send Real International Blockchain Payment from Canada to Germany

ATB Financial has collaborated with SAP SE, Ripple Labs Inc. and ReiseBank AG to send the first real international blockchain payment from Canada to Germany. ATB successfully transferred CAD 1,000 (EUR 667) to ReiseBank using a network built on SAP technology and Ripple's pioneering network of enterprise blockchain solutions. The payment, which would typically have taken between two to six business days to process because of requirements such as settling with the counterparty bank and reconciling accounts, was completed in around 20 seconds. The blockchain, originally created as the foundation for trading the digital currency bitcoin, is a distributed ledger that allows a network of computers to settle transactions almost instantly and with inherent security. Working with a team at ATB Financial, SAP and Ripple designed and built a proof-of-concept prototype based on the technology in nine working days. It demonstrated how banks can improve the efficiency of cross-border payments to enhance their global networks and be competitive on the world stage. The technology prototype connects SAP HANA Cloud Platform, the open platform as a service from SAP, and the SAP Payment Engine application, which centralizes payment processing in one solution, with Ripple's network. For the demonstration, SAP provided a mobile user interface through which the payment was executed.

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