The history of Ripple’s creation fully reveals the specific features of this cryptocurrency. When was Ripple created? Only by analyzing the creation date of Ripple as well as the conditions under which such a unique project was created, you can thoroughly study the prospects of the coin.
The history of one of the most popular digital currencies today begins in 2004, when the programmer Ryan Fugger embarked on the development of the RipplePay payment system. So, when was Ripple created? In 2004? Well, that is not entirely correct. The very first version of this service was officially launched in 2005. What about XRP? When was XRP created? Today, we will help you find out. Let’s get started!
When Was XRP Created: Who Created Ripple?
When was Ripple XRP created? The payment system gradually developed, this happened until 2011. The company’s leaders then made the final decision to launch the process of developing a decentralized network, in which mining will be completely absent.
However, the transaction confirmation speed will be much faster than the Bitcoin system’s one. Around this time, Chris Larsen joined Ryan Fugger’s team. He will later take the position of director of Ripple Labs.
What happened next? When was Ripple created? In 2012, RipplePay launched a subsidiary organization OpenCoins, which specialized in optimizing the functionality of the payment system. However, a year later, this company was renamed Ripple Labs.
When was XRP created? Once we’ve almost found this out, let’s go further! During the rebranding process, the project team was disbanded, and its new director Chris Larsen radically changed the priorities of the organization. In particular, the emphasis was placed on fruitful cooperation with banking institutions.
Already in 2014, the first positive results were achieved. Banks began to cooperate with Ripple Labs. The first to join this organization was the German bank Fidor. The one who created Ripple didn’t coincidentally start to work in this direction. After all, with the signing of the first cooperation agreement, the capitalization of the project for a certain time managed to bypass more famous digital currencies, in particular Litecoin.
When Was Ripple XRP Created: Key Stages of Development
Once we’ve found out the answer to the question ‘When was Ripple XRP created?’, let’s move on. Gradually, the project began to attract interest from other large organizations that work in the financial sector. First of all, it’s worth mentioning the Western Union organization. The system also attracted one of the largest banking conglomerates — the Commonwealth Bank of Australia.
It would be no exaggeration to say that Chris Larsen relaunched not the most successful project and made it really profitable. The business developed smoothly — more and more users were creating wallets to purchase XRP. When was XRP created? The XRP coin itself was created in 2012 by Ripple Labs.
At the end of 2016, it was found that the company was able to achieve record performance. However, the success remained unnoticed because the cost of the XRP cryptocurrency remained relatively low. However, the creator of Ripple as well as his team continued to work hard. As a result, a real explosion took place in 2017.
The Final Stage in the History of Ripple’s Creation
During 2016, the company managed to attract over $55 million in investments. Basically, the funds were invested by institutional investors with an international reputation. First of all, let’s highlight the transnational corporation Google.
Ripple’s cooperation with SBI Holdings opened doors for the company to the Asian markets, in particular, the system started to attract the attention of China, South Korea, Japan and many other countries. The emphasis was, as before, on cooperation with banking institutions. Many Asian banks today use the Ripple system. As a result, payments are made much faster with minimal commission costs.
The project is also used by European organizations, in particular the British bank Santander. Also, Ryan Fugger’s company managed to obtain the appropriate licenses to carry out cryptocurrency transactions in New York. Of course, the Canadian developer couldn’t refuse to cooperate with local banks — we are talking about Royal Bank of Canada.
When was Ripple XRP created? What other interesting facts do you know? Feel free to share your knowledge in the comments!