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Ripple Ranks in Top 200 Fintech in U.S. Despite XRP’s SEC Battle

Published August 3, 2023 2:11 PM
Teuta Franjkovic
Published August 3, 2023 2:11 PM
Key Takeaways
  • Following its partial victory in the SEC v. Ripple case, the company intends to re-enter the US market
  • Ripple President Monica Long said the firm is prepared to work with nations with clear laws
  • The company was listed on CNBC’s first ranking of the top 200 fintech businesses worldwide

After being listed as one of the top 200 fintechs in the world, Ripple President Monica Long discussed the company’s further business plans and plans to re-enter the US market in an interview  with CNBC. This comes after a significant court decision clarifying that XRP, the digital currency linked to Ripple, is not considered a security in the United States.

CCN reached out to Ripple for commentary but did not receive a reply at the time of publishing.

Ripple Has Grown in US, Middle East, Europe and Asia

Long expressed her excitement about the clarity the decision brings.

“We are thrilled about it since it makes it clearer to us how Ripple will do business moving forward. Additionally, we are re-entering the US market,” Long stated .

She added that Ripple’s operating approach, meanwhile, is not limited to the US. In foreign markets, the company has grown significantly, especially in areas where regulations are well-defined.

“Over the years, Ripple has grown significantly outside of the US,” Long said and added that this was indicative of regions with clear regulations, such as the Middle East, Singapore, Dubai, the UK, and Europe.

“We see a lot of room for expansion in that area for our payments-related company,” Long concluded .

Ripple Ranked Among the Top 200 Fintechs

The business was listed on CNBC’s first ranking of the top 200 fintech businesses worldwide to cap off Ripple’s recent successes.

Over 1,500 businesses in nine distinct market areas were assessed during the selection process, which was conducted by independent research firm Statista. Key performance factors such as revenue, user count, and total capital raised were examined.

Now that it has entered the market, Ripple joins the likes of Ant Group, Tencent, PayPal, Stripe, Klarna, and Revolut.

“Very proud of team Ripple on making CNBC’s inaugural World’s Top Fintech Companies list,” tweeted Monica Long in response to this honor. Few cryptocurrency companies have received this accolade other than us, thus we don’t often take it lightly”.

To provide a fair comparison across various fintech business models, Statista employed a sophisticated scoring model that considered both general and segment-specific KPIs.

For Ripple, being included is evidence of its success as a business model, unique technology, and global reach. This accolade acts as a reaffirmation of the fintech’s influence on the industry at large as the company grows and expands.

BoE and Ripple Investigate Leveraging the Interledger Protocol

Ripple has made significant progress in the UK, and the company is considering making more investments. Their London office has more than doubled in size, which indicates substantial expansion.

Also, just recently, the Bank of England and Ripple finished a proof-of-concept project that utilized the Interledger Protocol to synchronize the movement of two distinct currencies in two separate simulated real-time gross settlement (RTGS) systems.

In an attempt to evaluate the technical alternatives, the fintech accelerator of the central bank has collaborated with Ripple on a proof of concept centered around a high-value cross-border payment scenario. This involves the simultaneous execution of transactions in two distinct currencies in two distinct simulated real-time gross settlement systems, which may represent two distinct nations.

The open-source Interledger Protocol, which enables payments to be made across various ledgers and networks worldwide, is the foundation of the Ripple project.

Ripple Connect, which functions as an interface to allow an institution’s internal systems to link with the firm’s network, was employed in the solution. This implies that it is possible to send and receive payment instructions as well as check the status of payments.

As the foundation of UK payments and an essential component of the country’s infrastructure, RTGS settles hundreds of billions of pounds every working day.

For a number of years, the BoE has been developing a replacement that would include additional features to enable the “synchronization” of cash movements in RTGS with the movement of cash and assets stored in other systems.

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