Ripple started life in 2012 as OpenCoin, and it is a product of many years of work between Chris Larsen, Jed McCaleb, and Ryan Fugger. These three tech wizards aimed to create a monetary system that could empower individuals rather than organizations, governments, or banks. Rather than having one powerful entity to verify transactions, the founders saw it fit to run the network on blockchain where verification would occur via consensus, making it difficult for fraudsters.
In 2013, the network name changed from OpenCoin to Ripple Labs, Inc., following a significant financial boost from angel investors. This attracted major banks which wanted to use the Ripple network. At least 100 institutions registered to use the network. Ripple Labs, Inc. is headquartered in San Francisco, California.
While the widespread of Ripple usage came as good news for the company, some serious problems cropped up along the way. In 2018, a lawsuit was launched against Ripple by the US Securities and Exchange Commission on the basis that the former had unlawfully created billions of coins of nothing and sold them to the public for huge profits. Ripple denied these claims. However, such allegations were enough for Ripple crypto to be delisted from the Coinbase platform.
Still Going Strong in the Midst of a Storm
Despite the issues above, Ripple is still moving from one strength to another. Just before the lawsuit, the Ripple crypto's price trebled never to crash. In fact, the company's future looks even brighter should it win the case, which is projected to be concluded in 2023. The widespread adoption of Ripple means it's now available for live casino deposits and withdrawals worldwide. As of 2022, It is the third-largest crypto, only behind Bitcoin and Ethereum.