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Ripple Earns Spot in Fintech Premier League Despite Ongoing SEC Face-off

Published
Lorena Nessi
Published
By Lorena Nessi
Edited by Insha Zia

Key Takeaways

  • CNBC and Statista recognize Ripple as a top fintech company this year.
  • Success for Ripple comes amidst ongoing legal challenges with the SEC. 
  • Ripple strengthens its position in the crypto ecosystem.

News outlet CNBC and leading German research portal Statista have ranked Ripple among the top digital asset companies in their joint annual report  dubbed “The World’s Top Fintech Companies 2024.”

The San Francisco-based blockchain company celebrated its inclusion in the prestigious ranking, sharing the spotlight with crypto giants such as Coinbase, Paxos, Polygon, and others. 

Ripple Rides High in the Top 250 Fintech List

“We’re honored to be recognized by CNBC and Statista as one of the world’s top fintech companies in 2024,” Ripple announced  while celebrating the inclusion. The company thanked its employees, customers, and supporters for sharing the journey. 

This is the second time CNBC and Statista have featured Ripple in its annual report; it shares the podium only with OpenSea and Coinbase. 

The ranking covers a variety of sectors, including “Payments,” Alternate Finance,” Neo-Banking,” Wealth Technology,” Banking Solutions,” Business Process Solutions,” Financial Planning,” and “Digital Assets,” the one in which Ripple gained its place. 

Here’s a quick run-down of the companies listed: 

  1. BitGo
  2. Chainalysis
  3. CoinTracker
  4. Coinbase
  5. Consensys
  6. Crypto.com
  7. Figment
  8. Fireblocks
  9. Gate.io
  10. Ledger
  11. Magic Eden
  12. OpenSea
  13. Paxos
  14. Polygon
  15. Ripple  

CNBC and Statista evaluated the companies based on how accessible they made it to use digital assets and blockchain-based applications. Some of the key performance indicators (KPIs) they considered were user experience, security and infrastructure, innovation and technology, market, and impact growth. 

Navigating Legal Challenges 

Ripple’s success comes amid continuing legal challenges from the U.S. Securities and Exchange Commission (SEC) over allegations that it conducted unregistered securities offerings in selling XRP tokens. 

The SEC is demanding a $2 billion fine, while Ripple proposes a maximum penalty of $10 million.  Ripple has recently intensified its defense in this ongoing battle by asking the SEC for clearer regulatory guidelines regarding cryptocurrencies like XRP.  

As regulators and crypto companies continue to navigate these complexities, the outcome of Ripple’s case could set important precedents for digital assets.

Ripple’s CEO Bradley Kent Garlinghouse has recently publicly criticized SEC Chair Gary Gensler , accusing him of sabotaging American innovation. “Gensler will go down as the Luddite of his time,” Garlinghouse stated.

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Lorena Nessi

Lorena Nessi is an award-winning journalist and media and technology expert. She is based in Oxfordshire, UK, and holds a PhD in Communication, Sociology, and Digital Cultures, as well as a Master’s degree in Globalization, Identity, and Technology. Lorena has lectured at prestigious institutions, including Fairleigh Dickinson University, Nottingham Trent University, and the University of Oxford. Her journalism career includes working for the BBC in London and producing television content in Mexico and Japan. She has published extensively on digital cultures, social media, technology, and capitalism. Lorena is interested in exploring how digital innovation impacts cultural and social dynamics and has a keen interest in blockchain technology. In her free time, Lorena enjoys science fiction books and films, board games, and thrilling adventures that get her heart racing. A perfect day for her includes a spa session and a good family meal.
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