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Ripple Outpaced Other Blockchain Companies on Inc's List of Fastest-Growing US Companies

Ripple has outpaced other indigenous blockchain companies on a recently published list of 5000 fastest-growing private companies in the United States. Inc, one of America’s leading business magazines ranked Ripple in the 123rd Position.

The business magazine revealed that Ripple has recorded a significant milestone in the past three years spanning 2016 -2019 with about 3,039% growth, and a median growth of 165% within the same period.

The United States of America is replete with notable blockchain companies including Kraken, Bakkt, and Coinbase which makes the Ripple ranking applaudable.

Ripple’s Growth Was Fueled By its On-Demand Liquidity Service

Ripple’s growth in recent years was fueled by the company’s two unique products, its On-Demand Liquidity service, and the Ripple (XRP) coin. The former offering has gained massive traction as it is seeing increased adoption by financial institutions around the world. The On-Demand Liquidity service offered through the RippleNet platform helps bring instant payment settlement, particularly in cross border transactions to customers around the world.

To boost its On-Demand Liquidity service provisions, Ripple entered into a partnership with payment service giant MoneyGram in a deal worth over USD 70 million. As MoneyGram CEO said, the partnership helped the two companies expand the use of On-Demand Liquidity which has thus far helped in ‘creating better customer experiences’.

Ripple’s Chief Executive Officer, Brad Garlinghouse has also rightly noted that world governments are now seeing blockchain as a viable solution to addressing transparency and settlements, a position that has further fueled his campaign of Ripple’s On-Demand Liquidity service.

As the major coin used for the On-Demand Liquidity settlements, the Ripple (XRP) coin, has seen impressive growth in recent days. Thus, it has regained its place as the third-largest cryptocurrency by market capitalization. While the XRP coin has seen some pushbacks due to low adoption, it remains a key component of the company value offerings, and indirectly its future prospects

Nigeria Takes the Highest Bitcoin Optimism Levels at 60%, Survey Reads

Since knowledge feeds optimism and participation, Nigeria emerged as the top nation with the highest rates of optimism about Bitcoin’s future at 60%, according to a study by Jack Dorsey-owned Block, Inc.

Other nations with high Bitcoin (BTC) optimism levels are India, Vietnam, Argentina, and South Africa, recording 58%, 56%, 55%, and 52%, respectively.

Source: Block, Inc.

Regarding crypto awareness, Bitcoin was twice as known at 88% compared to Ethereum at 43%. Dogecoin (DOGE) was third at 31%. Per the report:

“Awareness of Bitcoin is higher than that of any other cryptocurrency globally — by far — with 88% of adults surveyed having heard of Bitcoin specifically.”

In terms of age groups, millennials and baby boomers led the pack with the highest BTC awareness levels. The study noted:

“Globally, millennials and baby boomers, in particular, have the highest levels of Bitcoin awareness at 92.5% and 89.2%, but all age cohorts have relatively high awareness.”

Most respondents acknowledged that BTC was a stepping stone towards a more equitable economy.

On the other hand, the lack of Bitcoin knowledge was the biggest stumbling block to purchasing it. Per the report:

“41% of those who say they have fair to expert levels of cryptocurrency knowledge say they are very likely to purchase Bitcoin in the next 12 months, compared with just 7.9% of those with limited to no knowledge of the topic.”

Block, Inc., formerly Square, surveyed in conjunction with Wakefield Research between January 10 and 28 and interviewed more than 9,500 adults aged 18 and above in the three regions. 4,360 were from Europe, the Middle East, Africa (EMEA), 2,860 from Asia-Pacific (APAC), and 2,375 from the Americas.

Therefore, it doesn’t come as a surprise that Nigeria takes the lion’s share of Bitcoin optimism, given that 35% of Nigerians had entered the crypto space in a span of 6 months, according to a recent study by crypto exchange KuCoin.

Blockchain Security Firm Files Patent for Ransomware Solution EB Drive

Blockchain networking company Everything Blockchain Inc. has applied for a patent for its Blockchain drive (EB Drive).

As traditional data storage mainly exists on local or network hard drives is vulnerable to ransomware attacks. Despite data being encrypted, there are other disadvantages such as decrypting data, lack of backups and restoring data.

Everything Blockchain, Inc. designs and develops software solutions. The Company provides blockchain technology software solutions, including cryptocurrency, smart contracts, decentralized data management, and cryptographic security.

EB drives said they are able to store data in a mutable blockchain ledger, protecting the company’s intellectual property. In addition, the company can provide blockchain-enabled ransomware solutions for businesses of all kinds.

“EB Drive’s innovative and novel use of blockchain’s inherent immutability ensures locally stored data is safe from ransomware attacks from bad actors,” said Cedric Harris, Chief Research Officer at EBI.

The US Department of Justice has sealed half a million dollars in cryptocurrency seized from the NetWalker ransomware group so far.

Europol, European Union’s law enforcement agency, has also put together an anti-ransomware initiative that has managed to intercept $630 million dollars and more in ransomware demands, since 2016.

NBG Georgia Shortlists Ripple Among Tech Firms for CBDC Pilot

The National Bank of Georgia (NBG) is propelling forward with its Central Bank Digital Currency (CBDC) venture, dubbed the Digital GEL Pilot Project. The bank is now in the phase of scouting for a singular technology ally to facilitate the Limited Access Live Pilot Environment. This environment aims to scrutinize the technological prowess and possible applicative spheres of the CBDC system through an array of use cases.

Post an extensive research tenure and meticulous deliberation, NBG has culled a list of nine enterprises deemed fit for this exploratory journey. These firms have showcased ample technological potential, maturity, capacity, pertinent experience, and enthusiasm for on-field examination. The notable list comprises Augentic GmbH, Bitt Inc., Broxus Holdings Ltd., Currency Network Ltd., DCM Corp Limited, eCurrency Mint Inc., FARI Solutions Ltd., Ripple Labs, Inc., and Sovereign Wallet Co., Ltd. At the current juncture, NBG maintains a technology-neutral stance, weighing the varied technological solutions these shortlisted companies can contribute to the Digital GEL project.

A Central Bank Digital Currency (CBDC) is essentially a digital form of a country’s existing currency, which is issued by the country’s central bank. Unlike decentralized cryptocurrencies like Bitcoin, a CBDC is centralized and enjoys the same legal status as physical banknotes and coins. It’s an endeavor to modernize the financial infrastructure and respond to the digital economy’s exigencies.

Among the shortlisted entities, Ripple Labs, Inc. holds a unique position with its Ripple CBDC solution. This solution aims to provide a neutral bridge between different currencies, allowing for frictionless value transfer, which can be particularly beneficial in the realm of cross-border transactions. The Ripple CBDC platform could potentially offer a robust foundation for the Digital GEL project, aligning with the objectives of fostering a seamless and inclusive financial ecosystem.

Upon concluding the selection phase, NBG aspires to earmark a single technology partner to transition into the pilot phase. This phase will test the CBDC platform in a restricted-duration live setting, evaluating the pragmatic use cases therein. The anticipation surrounding this pivotal pilot project is palpable, signifying a significant stride towards modernizing Georgia’s monetary landscape and embracing the digital currency epoch.

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SEC Commissioner Expresses Dissent on LBRY Case Outcome

On October 27, 2023, Securities and Exchange Commission (SEC) Commissioner Hester M. Peirce voiced her dissent regarding the commission’s litigation against blockchain firm LBRY, Inc. (“LBRY”). This litigation emerged from the SEC’s enforcement action initiated in March 2021, accusing LBRY of conducting an unregistered securities offering through its token sales. The federal district court ruled in November 2022 affirming the SEC’s position that LBRY’s tokens were indeed securities. LBRY sought to challenge this verdict but later withdrew its appeal in October 2023, deciding instead to cease operations due to accumulating legal costs.

Commissioner Peirce finds the LBRY case particularly disconcerting among a series of crypto enforcement actions undertaken by the SEC. Unlike many fraudulent crypto projects, LBRY had a functioning blockchain with real-world applications, specifically in data sharing and censorship resistance. The firm created a popular platform for video and media sharing on its blockchain, contributing to the decentralized ecosystem. Despite such contributions, the SEC’s hardline stance saw LBRY facing a hefty penalty demand of $44 million, later reduced to $111,614 post-remedies hearing.

The commissioner underscored the regulatory ambiguity surrounding token offerings. The lack of a clear framework for registering functional token offerings is a hurdle for blockchain projects like LBRY. Even with registration, compliance might not yield any substantial benefits for such firms. Commissioner Peirce stressed that the resources expended on the LBRY case could have fostered a conducive regulatory environment for blockchain innovations.

Peirce, often heard opposing the SEC’s stringent crypto enforcement, sees a need for balanced regulation that encourages innovation while protecting investors. The disproportionate reaction in the LBRY case, she argues, would deter entrepreneurs from exploring blockchain technology’s potential. The case’s outcome, seen as heavy-handed, does little to protect LBRY investors who, arguably, would have preferred the company’s continuity over its dissolution.

In light of the unfolding regulatory actions against crypto enterprises like Binance and Coinbase, the call for a more balanced approach to crypto regulation is growing louder. SEC Chair Gary Gensler’s invitation to crypto firms to engage with the regulator reflects an evolving dialogue, albeit with prevailing challenges.