Overview

Ripple Labs, Inc., known as Ripple, is an American technology company which offers enterprise blockchain products on the XRP Ledger and other networks. The company was founded in 2012 and is based in San Francisco, California. It was established as NewCoin in September 2012, renamed OpenCoin the following month, and adopted the name Ripple Labs in 2013. In October 2015, it shortened its public-facing brand to Ripple. The company uses the cryptocurrency XRP and its U.S. dollar-backed stablecoin, Ripple USD (RLUSD), to support cross-border payments and liquidity provision.

The firm has been investigated by the U.S. Securities and Exchange Commission (SEC) for various violations. The company has made substantial political donations to Donald Trump and entered into partnerships with Trump's businesses. During the second Donald Trump administration, the SEC softened its regulation of the company.

Origins and early history

In 2011, engineers David Schwartz and Jed McCaleb began developing a financial infrastructure similar to bitcoin that would use substantially less energy and reduce transaction time. In September 2012, Chris Larsen and McCaleb co-founded NewCoin, which was renamed OpenCoin the following month.

On April 11, 2013, OpenCoin announced it had closed an angel round of funding with several venture capital firms. That same month, OpenCoin acquired SimpleHoney to help it popularize virtual currencies and make them easier for average users.

On September 26, 2013, OpenCoin officially changed its name to Ripple Labs, Inc. On October 6, 2015, the company was rebranded from Ripple Labs to Ripple.

Introduction of banking sector products and international expansion

In March 2018, a Japanese bank consortium led by SBI Ripple Asia, comprising 61 banks, launched "MoneyTap", a Ripple-powered mobile app to provide on-demand domestic payments in Japan. In May 2018, Spanish Banking group Santander released One Pay FX — the first mobile application for international payments powered by blockchain technology, that uses Ripple's xCurrent technology. XCurrent is not a blockchain or any form of distributed ledger. Ripple CTO David Schwartz described it as "bi-directional messaging" that can eventually plug into distributed ledgers.

Following the creation of a Mumbai office, Ripple added multiple Indian customers in 2018, including leading banks such as Kotak Mahindra Bank, Axis Bank, and IndusInd, that announced that they started using Ripple's products. Ripple's CEO predicted that by end of 2018 "major banks" would be using Ripple tools that made use of the XRP cryptocurrency and that by end of 2019 "dozens" of banks would be using XRP. However, neither of those predictions came to pass in the specified time frame.

In May 2023, Ripple acquired Switzerland-based crypto custody firm Metaco for $250 million. In addition to expanding its potential customer base, the purchase also expanded the company's international presence during a time of increased scrutiny by the SEC towards U.S. cryptocurrency companies. In June 2023, Ripple received approval for a license from the central bank of Singapore to offer regulated digital payment token products and services.

In April 2024, Forbes referred to it as a "crypto zombie" noting the company was not making progress in disrupting SWIFT, in 2023 generated $583,000 in fees, and that the company has $24 billion worth of XRP tokens in escrow that it could sell over the following four years.

Ripple Treasury (formerly GTreasury)

In October 2025, Ripple announced its acquisition of GTreasury, a Chicago-based treasury management system (TMS) company, for approximately US$1 billion. Founded in 1986, GTreasury developed software for liquidity management, cash forecasting, payments, multilateral netting and risk management, and reported serving more than 1,000 customers across 160 countries. By 2025, the business processed approximately US$12.5 trillion in payments annually.

GTreasury had been majority-owned by Hg since 2023, with Mainsail Partners retaining a minority interest; both firms exited their investments in the Ripple transaction. Ripple announced its intent to combine GTreasury's treasury-management technology with its own digital-asset infrastructure. Later in January 2026, Ripple launched Ripple Treasury, integrating GTreasury's treasury-management software with Ripple's digital-asset infrastructure.

The platform supports Ripple's stablecoin RLUSD and access to overnight repo markets through Ripple Prime, the prime-brokerage business formerly known as Hidden Road. Ripple Treasury also provides access to tokenized money-market funds, including BlackRock's BUIDL.

Before joining Ripple, GTreasury had expanded its treasury-management platform through a series of acquisitions. In 2018, it acquired Visual Risk, a Sydney-based treasury and risk-management software and consulting company that had been identified by the Australian Financial Review in 2015 as one of 14 companies illustrating the development of Australia's fintech sector. The acquisition combined GTreasury's cash and liquidity-management software with Visual Risk's financial-risk analytics and expanded GTreasury's operations in the Asia-Pacific market.

GTreasury subsequently acquired Coprocess, a provider of intercompany netting software, in 2021, hedge-accounting software and consulting company Hedge Trackers in 2022, and cash-forecasting software company CashAnalytics in 2024. These acquisitions added multilateral netting, hedge accounting and cash-forecasting capabilities, respectively. Reported customers included American Airlines, Subway, Christian Louboutin, Hanesbrands, and Jost.

On 6 January 2026, GTreasury announced its acquisition of Solvexia, an Australian SaaS company established and headquartered in Bondi Junction, Sydney, that provides no-code automation software for financial, tax, and compliance processes, serving the banking, life insurance, and travel sectors. The acquisition added reconciliation, regulatory-reporting and financial-automation capabilities to GTreasury's platform. Financial terms of the transaction were not disclosed. The platform was initially oriented toward the insurance sector.

The company provided a risk analytics workflow with built-in audit and control in cloud data centres. The underlying technology was designed to be applicable across other financial services functions beyond insurance.

Funding round (securities offering)

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, one Series B round and one Series C round.