OpenCoin built its new technology using Ripplepay source code and created a ledger-based payment network for financial institutions and closed two angel rounds of funding in 2013. ![]() Ripplepay didn’t use any blockchain technologies, but it had the same purpose – providing its users with tools to be able to securely transact money around the world.Įven Satoshi Nakamoto knew about this payment system, remarking that, “Ripple is interesting in that it’s the only other system that does something with trust besides concentrating it into a central server”.įor many years Ripple continued to function in this way until in 2012 Fugger sold it to Jed McCaleb, Arthur Britto, and David Schwartz, who wanted to use it for their future digital currency network. Interestingly, it was created by Ryan Fugger, a software developer in 2004 in Vancouver, Canada, long before Satoshi Nakamoto released his first version of the Bitcoin blockchain. Initially, Ripple was rather different from typical crypto technologies. ![]()
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