9/3/2023 0 Comments Tetragon ripple![]() On June 13, 2016, Ripple obtained a virtual currency license from the New York State Department of Financial Services, making it the fourth company with a BitLicense. Treasury's Financial Crimes Enforcement Network (FinCEN) for “willful violation of the Bank Secrecy Act by acting as a money services business without registering with FinCEN.” On October 6, 2015, the company was rebranded from Ripple Labs to Ripple. On May 5, 2015, Ripple received a US$700,000 (equivalent to $800,239 in 2021) civil money penalty from U.S. On September 26, 2013, OpenCoin officially changed its name to Ripple Labs, Inc. That same month, OpenCoin acquired SimpleHoney to help it popularize virtual currencies and make them easier for average users. On April 11, 2013, OpenCoin announced it had closed an angel round of funding with several venture capital firms. OpenCoin began development of the ripple protocol ( RTXP) and the Ripple payment and exchange network. In September 2012, Chris Larsen and Jed McCaleb co-founded the corporation OpenCoin. ![]() After discussions with McCaleb and long-standing members of the Ripple community, Fugger handed over the reins. In August 2012, Jed McCaleb hired Chris Larsen and they approached Ryan Fugger with their digital currency idea. Concurrently, in May 2011, Jed McCaleb began developing a digital currency system in which transactions were verified by consensus among members of the network, rather than by the mining process used by Bitcoin. Fugger later built the first iteration of this system,. The intent was to create a monetary system that was decentralized and could effectively empower individuals and communities to create their own money. Ryan Fugger conceived Ripple in 2004 after working on a local exchange trading system in Vancouver. Originally named Opencoin and renamed in 2015, the company was founded in 2012 and is based in San Francisco, California. is an American technology company which develops the Ripple payment protocol and exchange network.
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