Ripple, the owner of the fourth most valuable crypto, has unsurprisingly emerged as the fourth largest fintech company around the world and presently valued at $10 billion, in a report credited to CB Insights.
What we know
The data showed only companies with a valuation of at least a billion dollars or better still, companies usually called a unicorn ($1 billion or more) and are backed by Venture capital firms.
- There are about 66 fintech brands valued at about $248 billion globally.
- American based startup, Ripple, presently has a valuation of $10 billion valuations, trailing behind Stripe, which recently acquired Nigerian fintech brand PayStack for $200 million, Chinese based Lufax, and India-based Paytm One97, which have a valuation of $36 billion, $39.4 billion, and $16 billion respectively.
What you should know
Its payment platform, RippleNet, comprises a network of institutional payment providers that include banks and payment providers using solutions developed by Ripple to provide a seamless experience to send money worldwide.
RippleNet uses a leverage cutting-edge blockchain technology in streamlining payments services that help in reducing costs.
It should also be added that On-Demand Liquidity (ODL), Ripple’s XRP-powered cross-border payments product is available in the US, Mexico, Europe, the Philippines, and Australia.
- Banks using Ripple include Europe’s banking giant, HSBC Holdings Plc, with assets of about $2.5 trillion, which disclosed in 2019 that it would use the XRP payment solution.
- Japan Post Bank with assets of USD 1.9 trillion, Sumitomo Mitsui Financial Group, and Mizuho Financial Group with trillions of dollars in assets, also have a close relationship with Ripple Asia.
- Others in a relationship with Ripple include Banco Santander, Barclays PLC, Royal Bank of Canada, and Toronto-Dominion Bank.