O que é ripple ou xrp (ingles)

XRP taking the fast lane?

#SWIFT2.0#BitcoinForBanks

#GlobalBridgeCurrency

Author: @TplusZero (https://twitter.com/TplusZero) version 1.0

This document is no investment advice. I strongly recommend to do your ownresearch before investing. Statements may not be accurate. The author is a holderof XRP. The author is not related to the company 'Ripple‘ in any way.

Facts & Figures

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Performance

XRP is ~900x faster to transact than Bitcoin1)

XRP is ~1,400x cheaper to transact than Bitcoin1)

XRP can handle ~160x more on-ledger transactions per second than Bitcoin1)

XRP is superior to Bitcoin‘s inefficient, energy intense ‘mining‘ (~128 KWh/transaction!)2)

XRP has been the best performing major cryptocurrency year-to-date (+3,955%)6)

XRP has a $11 billion market capitalisation (which is still just ¼ of Bitcoin‘s)

Reliability

all >30 million blocks have closed without issues since incepton (2012)1)

Governance

clear governance + usecases, eg payment channels already implemented (whereas the Bitcoin community is trying to activate ‘lightning‘ since > 18 months)

Institutional Backing

XRP validators are run by established institutions like Microsoft, Amazon, MIT etc.1)

Ripple network consists of >75 global banks already3)

Institutional/ smart money starting to flow in, XRP sales up >2x since Jan-174)

Unlike any other cryptocurrency, Ripple holds ~USD 18 billion5) to further incentivize XRP usageand ecosystem growth…

1) https://ripple.com/xrp/2) https://digiconomist.net/bitcoin-energy-consumption3) https://www.paymentssource.com/news/ripple-vs-swift-rivalry-heats-up-banking-may-be-ultimate-winner4) XRP sales at 2 billion since Jan-17 (now ~400MM XRP monthly!), see http://gtgox.com/xrp-distribution/5) XRP equivalent, measured in prices at the time of writing (of 9-June 2017)6) http://coincap.io/


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Executive Summary

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This document is intended for people who would like to get an idea on what Ripple and XRP isabout. I tried to use as many sources as possible. Thoughts & feedback appreciated.

Unless you are a Bitcoin enthusiast, this potential trade idea might not sound incredibly intuativeto you. Putting your Dollars into a string of 1's and 0's might even feel like a capital marketssuicide squad. But the market for cryptocurrencies has been constantly growing in the past fewyears1), though most people believe that it's still in its early days with the vast majority of growthto come with (mainstream) adoption. Indeed, it's still very inconvenient to buy (and store) digitalassets. I've researched a lot (currently ~8702) cryptocurrencies in existence with a ~$100bn totalmarket cap only) and “XRP“ looks to me to be the most promising one right now. In contrast toalmost all others, XRP comes with a clear usecase and actual benefits (more on this later). Also,whereas the other cryptocurrencies have a consumer centric model, XRP is intended to be usedprimarily by banks and institutionals. This is particularly important, as a currency is only usefulonce there is meaningful adoption/network effects in place. Successfully buildung that through7.4bn international, heterogeneous consumers is significantly harder and also less likely thanteaming up with (centralised) banks, ie the ‘monetary layer‘ above consumers (the SWIFT networkconsists of 'only' ~11,000 member banks).

Definition- XRP is an independent digital asset, native to a Global Payments Ledger (“RCL“) run by thecompany 'Ripple‘. 100bn units (=maximum supply!) have been created as per protocol.

Vision- make XRP the global bridge currency for value transfer / world’s reserve digital currency3)

- roadmap4): moving cross border interbank payments to RCL and (interconnected) blockchains sothat XRP (as best positioned digital bridge currency) can enable 1) highest cost savings for banks(~60%)5) and 2) new revenue streams for market makers. Ripple will distribute its XRP holdingsto market makers by subsidizing bid/offer spreads and grow the XRP ecosystem. XRP tobecome a global, deeply liquid digital bridge currency (which gives it tremendous value), so moreusecases could become feasible (thinking of an uncorrelated asset to invest in, store of value,globalization play, consumers etc)

XRP vs other cryptocurrenciesFor its specific usecase (which is pretty much the most valuable) XRP is superior to the othercryptocurrencies on almost every single metric (see section 2.3)

XRP outlookBoth Ripple‘s network of banks and ILP adoption gaining significant momentum since beginningof the year. 40% of the Japanese banking sector is going live in Q3. Regulators constructive. XRPlistings gaining momentum. XRP incentive program is in place. XRP price scenarios vary anywherebetween $2.25 and $70+ by 2020 (find an analysis in section 2.2)

Ripple (company)- Ripple's founders are the creators of XRP and the company's vision is that value should movethe way information moves today (and XRP is an important part of the equation). Ripple is a trulyunique company. Check out the “Ripple (company)“ and “Credentials“ section: their achievements,track record & team is simply groundbreaking (and gives XRP a lot of credibility as a side effect) –still hardly any (mainstream media) journalist is aware of it.

1) total market cap growth 2015: 27% , 2016: 136%, 2017 YTD: 290% (source: http://www.coinmarketcap.com)2) http://www.coinmarketcap.com3) https://ripple.com/xrp-portal/xrp-resources/ripple-consensus-ledger-can-sustain-1000-transactions-per-second/4) https://www.xrpchat.com/topic/4029-explaining-xrp/?do=findComment&comment=390745) https://ripple.com/insights/ripple-and-xrp-can-cut-banks-global-settlement-costs-up-to-60-percent/6) http://www.econotimes.com/Ripple-announces-new-features-bringing-transaction-throughput-to-Visa-levels-622104

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Executive summary..............................................................3

1.0 Introduction............................................................................5

1.1 Ripple (company)............................................5

1.2 XRP, RCL and ILP...............................................6

2.0 XRP..............................................................................................7

2.1 XRP strategy.......................................................7

2.2 Price scenarios..................................................8

2.3 XRP vs. other cryptocurrencies.................10

2.4 Decentralization………………………………......11

2.5 Distribution…....................................................11

2.6 Where to buy...................................................12

2.7 How to store....................................................12

3.0 FAQs.........................................................................................13

4.0 Credentials.............................................................................14

4.1 Bank partnerships/ trials.............................15

4.2 Connections/ shareholders........................24

4.3 Resellers/ service providers........................28

5.0 Technical Insights / Whitepaper......................................30


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1.0 Introduction

Unless you are a Cryptocurrency enthusiast or payments expert, the chances that you everheard of Ripple are close to zero. What you probably did hear of is eg SWIFT or some centralbank hacks. And while an international email takes a few seconds, you probably asked yourselfat some point A) why it takes your bank a few days to send money overseas and B) why yourbank needs to charge you breathtaking fees for this poor service (either visible through directfees and/or in a more intransparent manner by a very poor FX conversion rate).

The reason for all those troubles and pressing questions is called “correspondant banking“. It's adecades old, antiquated and incredibly inefficient network of banks for processing globalpayments. These inefficiencies not only result in an enormous cost (an estimated $1.7 trillion1)

per year for all participants in the ecosystem), but also fail to meet the needs of today’s bankingcustomers. In a globalized world, coporates (think of Google, Amazon, Ueber etc) for exampleare in the need of transacting millions of (in particular small value) international payments, on adaily basis. Also, remittances are still a (way too) costly thing, even worse for smaller valuetransfers. Don't even think of the evolving Internet Of Things (“IoT“): about 30 billion devicesare expected to be connected to the internet (and most of them in need of transactingmicropayments) by 2020. It becomes clear that the current cross border payments system inplace is just not capable of catching up to needs of the world we are living in.

1.1 Ripple (company)

Ripple is there to help banks make cross border payments 21st century compatible. By usingRipple's distributed ledger technology, banks are enabled to transact directly, without routing asingle payment through multiple correspondant banks that each charge fees, act as potentialpoints of failure and importantly: take ages to transact.

Ripple was founded in 2012, grew to >150 employees since, with offices in San Francisco, NewYork, London, Luxembourg and Sydney. It has highly successful, influential and forwardthinking shareholders, for example Google, Accenture, SBI Group, Santander, StandardChartered, CME Group, IDG, Lightspeed and Andreessen Horowitz. As an industry advocate foran “Internet of Value“ (let money move the way information moves today), Ripple sits on theFederal Reserve’s Faster Payments Task Force Steering Committee and co-chairs the W3C’s WebPayments Working Group. Ripple and its employees also received numerous awards, the WorldEconomic Forum's “Technology Pioneer“ and “50 smartest companies globally“ by MIT(Technology Review) are maybe the most outstanding ones5).

Ripple was also one of the first companies to receive the so called “BitLicense“ from the State ofNew York, allowing Ripple to officially sell and custody it's cryptocurrency XRP4). This is a resultof Ripple's constructive and close relationship with regulators worldwide. It's supportiveapproach to regulations is basically the opposite one of Bitcoin & Co, whose backers strive toreplace/ destroy the current financial system.

Ripple already works with >150 banks (this includes 15 of the 50 largest banks globally), Aconsortium of Japanese banks (representing >40% of the domestic banking sector) has recentlycommitted to implement Ripple's solutions6).

1) Ripple analysis across: World Trade Organization, International Trade Statistics 2014; Institute of International Finance, Aggregate Capital Flows 2014; Federal Reserve Financial Services, Cross-Border Payments 20152) https://spectrum.ieee.org/tech-talk/telecom/internet/popular-internet-of-things-forecast-of-50-billion-devices-by-2020-is-outdated3) https://ripple.com/ripple_press/ripple-labs-awarded-as-technology-pioneer-by-world-economic-forum/4) http://www.coindesk.com/new-york-bitlicense-ripple/5) http://www2.technologyreview.com/tr50/2014/6) https://ripple.com/insights/forty-seven-japanese-banks-move-towards-commercial-phase-using-ripple/


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1.2 XRP, RCL and ILP

Architected to fit within a bank’s existing infrastructure, Ripple is designed to comply with(and often improve on) risk, privacy and compliance requirements. In order to achieve whatRipple labels as the 'Internet of Value', where value moves as fast and seamlessly as informationmoves today, there are basically 3 important building blocks neccessary:

1) Interledger ProtocolRipple’s solution is built around a self-developed, but nowadays open and neutral protocol(Interledger Protocol or ILP) to power payments across different ledgers and networks globally.It offers a cryptographically secure end-to-end payment flow with transaction immutability andinformation redundancy1). According to the Federal Reserve in it's latest payments report, ILP is“a particular industry development of note“2). ILP is gaining momentum with dozens of banksalready having joined Ripple's (ILP enabled) payments network.

2) Ripple's Global Payments Ledger (“RCL“ - which stands for Ripple Consensus Ledger)Global payments can and do take place on this ledger. More importantly though, it serves to'ground' XRP, which is RCL's native token/currency. This comes with an incredible advantage: incontrast to other currencies out there, XRP is an asset by definition. All XRPs in existence arestored on the RCL, and so your XRP stash is not subject to counterparty risk (watch outthough: if eg an exchange is holding XRPs on your behalf, you do face counterparty and/oraccessibility risks). Contrary, other currencies like EURs or USDs (either on RCL or other places)will always expose you to counterparty risks as you're having just a claim against whoever holdsit in custody for you. The only exception being if you store it as cash under your pillow (whichmakes it pretty hard to move globally in seconds). If at all, the RCL could be considered youronly 'counterparty'. But it is cryptographically secure, and most reliable tech (payments havebeen processed in >30 million 'blocks' since inception, with none having faiiled). Worth tomention: established companies/institutions now starting to act as transaction validators on theRCL. The RCL is expected to be more decentralised than Bitcoin soon.3)

3) XRP4)

XRP is the currency/token native to Ripple's RCL. Unlike USD, trading through XRP does notrequire bank accounts, service fees, counterparty risk, or additional operational costs. Byusing XRP, market makers can specialize in certain currency corridors, reduce operational costs,and ultimately, offer more competitive FX pricing.

institutions and liquidity providers seeking global reach, accessibility and fast settlementfinality for interbank flows. To gain market share in (the more inefficient) FX corridors, Ripplepledged to use parts of its XRP holdings to subsidize bid/offer spreads for market makers (andas a result kick-start usage and trading volumes).

1) https://ripple.com/technology/2) https://www.federalreserve.gov/econresdata/feds/2016/files/2016095pap.pdf3) https://ripple.com/insights/how-we-are-further-decentralizing-the-ripple-consensus-ledger-rcl-to-bolster-robustness-for-enterprise-use/4) https://ripple.com/xrp-portal/

This is critical, as once Ripple adoption grows, so do the number ofcurrencies and counterparties. Market makers need to maintainaccounts with each counterparty for each currency – a capital- and time-intensive endeavor that spreads liquidity thin. For the more exoticcurrencies, multiple trading parties are required, who each layer costs tothe transaction. Market makers can bridge any currencies directlythrough XRP in a trade. Similar to USD in today’s currency market, XRPenables liquidity concentration around fewer pairs, creating order bookthickness and competitive FX rates, especially for exotic currency pairs.With proven governance and the fastest transaction confirmation of itskind, XRP is the most efficient settlement option for financial


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1) https://www.xrpchat.com/topic/5280-valuation-models-xrp-the-digital-currency-vs-ripple-the-company/?do=findComment&comment=501822) https://twitter.com/ahopebailie/status/860233100760055811

2.0 XRP

2.1 XRP strategy1)

So in the last section (1.2) I shortly introduced XRP. For me, Ripple's XRP strategy is the mostimportant subsection in this document. Even the majority of cryptocurrency traders constantlydemonstrate that they have not fully understood Ripple's strategy on making XRP a deeplyliquid and useful digital currency.

Firstly, both the SWIFT interbank payments network and FX market (with the latter alreadyhaving $5 trillion daily volume) are closed networks, ie not really 'accessible' far any third partiesor blockchain based tokens/ currencies. Establish a competing network then? Well, Ripplerealized early, that banks didn't want to be 'forced' into using one specific ledger, network or aspecific asset. Ripple then made a change to its strategy, and started working on what theynamed 'ILP' (a protocol that connects blockchains). The idea is, as the financial market movesinto the ILP/ distributed ledger/ blockchain world, to have that newly built infrastructureinterconnected – and accessible! (by the way, not only banks, also eg internet browsers, likeGoogle Chrome, are now ILP enabled, for upcoming in-browser payment functions2))

So in that new, open & interconnected world, XRP will not be 'mandatory' to use. Bad news?Certainly not. Think of Ripple as Twitter: Imagine Twitter without the internet. Twitter is actuallypretty happy that the internet exists, although it enables other companies to compete. Thecommon internet protocols established a substantial, global market. And taking a decent shareof something really big is usually way more interesting than having a 100% share of somethingvery small. So what's the benefit of ILP? Every ILP enabled ledger/ network, eliminates everytechnical obstacle to let a crossborder payment being bridged by XRP (or any other digitalasset). Going forward, with banks and payment providers adopting ILP enabled solutions, acrossborder payment (eg from USD to MXN) will be bridged through XRP, if XRP offers thetightest bid/offer spread. It's a breathtaking market and opportunity for XRP (as fastest andmost efficient digital asset).

So how can XRP offer the tightest bid/offer spreads? That's where the distribution of XRPcomes into play. Ripple has been massively criticized by the 'Bitcoin community' for owning themajority of XRP. For me, this is the reason I buy into it! Unlike Bitcoin or Ethereum, that have togive away their currency to 'miners' (which hasn't really worked out, as 5 Chinese mining poolsnow actually control >50% of the hashrate and therefor effectively control Bitcoin, for Ethereumit's only 3 mining pools!), Ripple can distribute XRP in the way that benefits the currencythe most. As part of their XRP strategy, Ripple will, in the beginning, target inefficient (but stilldecent sized) FX corridors (eg EUR/INR) and use its XRP to subsidize market makers in orderto have the tightest bid/offer spreads via XRP. Rewarding market makers in XRP also resultsin a longterm alignment of interest to make XRP a viable currency in the interbank/ paymentsmarket. The FX market works on tiny margins, so every incentive has an incredible impact.

At the time of writing, Ripple's XRP stake is worth USD ~18 billion.

Ripple also distributes its XRP to other participants (like institutional investors, wallet providers,exchanges etc.), to grow the XRP ecosystem (eg to have an exchange list XRP pairs). Thesedistributions are usually coming with a lockup period, to also have a longterm alignment ofinterest.

[section continues on next page]


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1) https://twitter.com/ahopebailie/status/8602331007600558112) http://www.huffingtonpost.com/entry/ripple-and-xrp-are-more-stable-than-you-think_us_591cb3bee4b0b28a33f62915

With subzidies acting as a kickstart for XRP usage, once a decent amount of payments is beingbridged through XRP, things will be starting to snowball:

- initial market makers have taken the first and early rewards- new market makers will be attracted, entering the space, which creates more (XRP) demand- with increasing network effects and increasing payment volumes, XRP neccessarily needs tosubstantially rise in price to be able to bridge the higher 'dollar amounts'- with higher volumes comes lower volatility:

- lower volatility will make banks (who before weren't comfortable to being exposedto XRP for the 3-4 seconds that a payment takes) want to hold XRP, to save 1xbid/offer spread (ie instead of “EUR->XRP and XRP->INR“ to only trade “XRP->INR“)- for banks it‘ll now make sense to replace various nostro accounts with XRP- lower volatility will also make corporates, who need to regularly do payments inspecific (XRP dominated) FX corridors, to hold XRP, instead of constantly holding Xdifferent currencies

According to a recent news article2), Ripple‘s constructive and pro-active approach withregulatos seems to ‘have paid‘ off in the sense, that some regulatory bodies are now activelypushing for banks to adopt XRP (given the positive impacts on capital, risk & transparencymetrics). Everyone who has ever worked in a bank knows about the power & impact thatregulators do have.

2.2 XRP price scenarios

Obviously, the higher the return, the higher the risk. Is it possible that XRP will become theglobal bridge currency, a digital reserve currency? Yes, indeed. Could it fail on that mission?Sure, it could. Are there any scenarios inbetween, where XRP would still be a valuable digitalasset? I'm pretty sure there are.

Having that in mind, the scenario in which Ripple succeeds with its XRP strategy, is probably thehardest in terms of actual price scenarios. I would literally say, the sky is the limit. Globalcorporates can have a massive market value these days (think of Google, Amazon, Apple with$500 billion+). Now think of a currency. And now a global one. This is, what got me excitedabout cryptocurrencies.

David Schwartz (username JoelKatz) is Ripple‘s Chief Cryptographer and an original architect ofthe Ripple network. He enjoys tremendous respect from the entire cryptocurrency industry.

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For the past years (even after constant bugging

and pressing questions from the community)

neither Ripple nor its employees have given out

any XRP price thoughts, scenarios or targets. A

few weeks ago, a tiny piece of information came

out. It's not a price target, but still, it gives you an

idea on the dimensions we are talking about (see

screenshot on the right side - XRP‘s price at the

time of writing is at around $0.30).

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I really do like a specific valuation concept for cryptocurrencies. It was recently introduced/promoted by ARK Invest (@ARKblockchain on Twitter). It‘s similar to what we know asPrice/Earnings Ratio from the Equity markets. ‘Price‘ in cryptocurrencies is the network value(outstanding units multiplied by price). ‘Earnings‘ is a bit tricky though. Let‘s say, the morefrequent currencies are used, the higher the network effects, the more valuable they should be/become. As a proxy for usage, we can use trading volumes. Given that volatile movements incryptocurrencies go hand in hand with (sometimes artifically) inflated volumes, we should stickto a eg 30day average. Let‘s name this ratio NV/T (network value / trading volume). Bitcoin‘sNV/T historically fluctuated somewhere between 25 and 250 (currently ~35). XRP‘s NV/T (at thetime of writing) is somewhere around 50. In my view, Ripple‘s higher NV/T is nothing to worryabout, as the market apparently applies higher growth assumptions regarding ist future value(similar to Tesla‘s higher P/E vs BMW‘s). The question is, is it high enough? I don‘t think so:

The global FX market transacts USD ~5 trillion every single day (the majority is interbank flows).

Let‘s go in with conservative assumptions (vs Ripple‘s vision). ILP as the neutral, globalinterledger standard will be catching 10% of flows only. And from those 10%, only 1% of flowswill be bridged through XRP.

Turns out this would get you to USD 5 billion daily XRP trading volume. Multiplied by Bitcoin‘sall time low NV/T ratio of 25, and you get to USD 125 billion network value for XRP. For the year2020 (~55bn XRP in circulation) this would result in a minimum price of $2.25/XRP (currentlytrading at ~$0.30).

Remember, these are particularly conservative estimates, and only include the interbankusecase. It excludes the fact that XRP is a deflationary currency1), as well as any directXRP trades by corporates, consumers, between digital assets, commodities,micropayments etc. :

10% ILP | 1% XRP | 25 NV/T : $2.25 per XRP









…


91) 100bn XRP exists (which is also the maximum amount as per protocol), and a tiny fraction of XRP is being destroyed for every transaction. The destroyed amount, even for the next decades, will be negligible. It just serves as an anti SPAM mechanism.


2.3 XRP vs. other cryptocurrencies1)

In the future, probably just a handful of digital assets will emerge from today‘s cryptocurrencysector that prove to be extremely valuable and helpful.

Below you see a comparison of the Top 3 digital assets. Bitcoin or Ether may be useful at somepoint in the future, for some specific usecase. Ripple has been laserfocused on the usecase‘value transfer / digital bridge currency‘ since ist early days. And the performance metrics forthis specific usecase are clearly in favour of XRP:

101) https://ripple.com/xrp/ & Twitter

Bitcoin Ether XRP

Governance weak average very good

Decentralization weak weak very weak*

Settlement Speed 1 hour+ 2 min+ 4 sec

Settlement Finality no no yes

Transactions/Second(on-ledger)

3-6 15 ~1,000

Transactions/Second(off-ledger, pymt channels )

N/A N/A ~50,000

avg transaction fee $ 2.68 $ 0.12 $ 0.001

* see chapter '2.4 Dezentralization'


2.4 Decentralization

So this is a critical metric, that most cryptocurrency investors don‘t get. Newcomers usually getbrainwashed by the Bitcoin maximalist community that it‘s all about decentralisation (which isironic, as just 5 Chinese mining pools control the majority of Bitcoin‘s hashrate, ie they couldeasily corrupt the network and execute double spend transactions). Don‘t get me wrong, I thinkdecentralisation is absolutely adding value and trust for a cryptocurrency network. But whatmost people overlook is that the timing is the critical part.

This is how it should be:

Step 1) Have a decent governance, with a fast & efficient decision making process(this indeed works best with some sort of centralization)

Step 2) build that network and its features to perfection(Ripple has basically executed that step)

Step 3) after that, decentralize the network, with well established institutions(which is what Ripple is trying to do right now)1)

Replace ‘well established institutions‘ with ‘shady mining companies‘, and do the processexactly the other way round, and you end up on what Bitcoin and Ethereum have been (and stillare, and will be) doing. And then you understand why eg Bitcoin still hasn‘t managed toimplement a lightning network in 18 months, whereas Ripple already ticked that box a whileago and keeps on being way ahead of others.

2.5 Distribution3)

Ripple managed to build out ist payment network by hiring world class developers. Theyfinanced it by USD >90MM of financing rounds with high profile investors. By that, they didn‘thave to sell too many of their XRPs, and today still own slightly more than half of it. As the techis now in place, they can start using their XRP stake strategically to build out the ecosystem andincentivize XRP usage. Ripple keeps on engaging in distribution strategies that go hand in handwith a rising XRP price (which is not too surprising, as the most recent XRP rise turned themfrom a $400MM company into a multi billion USD corporate). Ripple has a strong interest to

111) https://ripple.com/insights/how-we-are-further-decentralizing-the-ripple-consensus-ledger-rcl-to-bolster-robustness-for-enterprise-use/2) https://ripple.com/insights/news/xrp-liquidity-to-deepen-with-listings-on-six-new-exchanges/3) https://ripple.com/insights/ripple-to-place-55-billion-xrp-in-escrow-to-ensure-certainty-into-total-xrp-supply/

execute on the vision it has for XRP. To mitigate

any potential supply concerns, they placed the

majority of XRPs into a 55 months long,

cryptographically secured escrow contract, that

releases ~1bn XRP every month. If they eg

only allocate 400MM XRP to a market maker/

bank/ instituional partner in a given month,

the difference (600MM XRP) will go into (a 55

months long) escrow again. This gives market

participants certainty and a maximum amount

of XRPs that could get into the market. Worth

to note, most XRP allocations come with a

lockup period, to have a longterm incentive

and alignment of interest.


2.6 Where to buy

Since beginning of the year, XRP got listed on a few more exchanges, and access has improvedaccordingly. Most recently on 6 additional exchanges at the same time2). Ripple is still beingfocused on getting XRP listed on more cryptocurrency (and also traditional) exchanges, to drivedemand and liquidity. Most cryptocurrencies just get listings on exchanges vs Bitcoin. For XRP‘ssuccess it‘s critical to also keep on getting listed vs fiat pairs (eg CAD, MXN, NZD, etc.), so thatactual realworld payments can get bridged via XRP.

I don‘t want to give out any specific recommendations on which exchanges you should use tobuy XRP. But I can at least tell you that I‘ve made only good experiences with both Bitstampand Kraken. Bitstamp (https://www.bitstamp.net/) is the first fully regulated CryptocurrencyExchange in the European Union, and you can buy XRP directly vs. USD, or EUR, or Bitcoin.

2.7 How to store

In the cryptocurrency world this is a very critical and important ‘To Do‘. Most importantly: if you

hold large amounts of cryptocurrency (ie also XRP), and intend to not sell it in the very near

future, I would highly recommend to get it ‘off the exchange‘ and transfer them into a ‘cold

wallet‘. Just too many exchanges have been hacked in the past.

A cold wallet can actually be just a piece of paper, with two numbers on it:

For every XRP wallet you have a public key (the equivalent to a ‘bank account number‘) and a

secret key. The secret key let‘s you transact. You should never share your secret key with

anyone. Creating a cold wallet is realtively easy. When you send funds from your exchange to

your (cold wallet) public key, just make sure you checked 10x that it‘s the correct public key,

with no typos etc. (I also always do a ‘test transaction‘ with just a few XRPs, to see if everything

works out).

The XRP community has a few tutorials in place. This one is on how to create cold wallets:

https://www.xrpchat.com/topic/3187-beginners-guide-creating-a-cold-ripple-wallet-20/

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3.0 FAQs

The cryptocurrency world is still relatively immature, hardly regulated and also full of marketparticipants spreading FUD (fear, uncertainty and doubt) to push their agenda. To counter theBitcoin idealists concerns, please find the most frequently asked questions and concernsbelow1):

Myth: “Ripple controls the price of XRP“

Ripple response: “Ripple does not control the price of XRP. We take the integrity of the XRPmarket incredibly seriously and would never do anything to compromise that integrity. In orderto strengthen stability of XRP, Ripple is working toward increasing liquidity, payments volume,and low spread volatility. Our current off ledger liquidity building efforts speak very clearly tothese goals. Also, it’s in Ripple’s own interest to promote the long term value of XRP. As such,any attempt to intentionally influence the short term price of XRP is nonsensical as it wouldimperil trust in the company and the asset.“

Myth: “There’s no bank use case for XRP“

Ripple's response: “XRP has a clear institutional use case and ultimately, considerable value asa bridge currency. Going forward, XRP’s use as a value transfer mechanism will increase itsutility which could translate to an increase in its value. To facilitate larger notional transfers byfinancial institutions XRP will necessarily have to be worth more. It’s important to note thatwhile our ultimate vision incorporates XRP into global bank cross border payments via ourRipple solution, there are myriad scenarios and uses which are constructive to XRP.“

Myth: “It’s risky for liquidity providers to use XRP“

Ripple's response: “We are in the process of listing XRP on several non-RCL exchanges. Thiswill expand access to XRP, increase the liquidity needed for XRP to facilitate cross borderpayments, and will reduce the market’s dependence on gateways. Additionally, we will soonoffer an XRP lending facility to qualified market participants. This allows liquidity providers tofully participate in XRP markets without necessarily having to own XRP.“

Myth: “The value of XRP is inversely proportional to the value of Ripple as a company – andRipple’s traction with banks has nothing to do with XRP’s success as a digital asset“

Ripple's response: “The long-term value of XRP will ultimately be driven by its adoption as across border value transfer mechanism. Though XRP has important attributes which make itparticularly useful for this use case, these attributes do not ensure full integration with ourenterprise software solution. Ultimately, XRP can be successful regardless of Ripple’s success.Either way, we continue to do everything we can to make sure XRP eventually becomes thedigital asset standard for international value transfer.“

1) https://ripple.com/xrp-portal/xrp-resources/xrp%E3%81%AB%E9%96%A2%E3%81%99%E3%82%8B%EF%BC%96%E3%81%A4%E3%81%AE%E8%BF%B7%E4%BF%A1/#english


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“Blockchain and related technologies are a paradigm shiftfrom the status quo and increasingly a major focus ofinnovation for us. Through our partnership with Ripple,we are optimizing our global payments as one of the firstmajor banks to implement distributed financialtechnology in a commercial setting.”

Paolo Cederle, CEO of UniCredit Business Integrated Solutions

Santander plans to become 'Ripple evangelist'

International Business Times, 22nd October 2015

“Using the Ripple solution, we are working on a newcommercial payment service for retail customers that willallow them to send money from China to the U.S. andother countries in real-time.”

Andrew Fang, General Manager & Head of Innovation and Researchat SHRB

“As a leading international bank committed to facilitatingtrade, commerce and investments, this partnership willgo a long way in progressing our digitization agenda todevelop innovative solutions for our clients.”

Gautam Jain, Global Head, Digitization and Client Access,Transaction Banking at Standard Chartered

“Using blockchain technology, ATB Financial became thefirst financial institution in Canada to complete anoverseas payment in a matter of seconds. The transactionwe performed proves we can significantly reduce thetime it takes to move money across borders. This couldrevolutionize banking for our customers.”

Curtis Stange, Chief Strategy & Operations Officer at ATB Financial


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4.0 Credentials

Special thanks for this section goes to user tomb and the moderators from xrpchat.com

4.1 Bank partnerships/ trials

ANZ“The fourth largest bank by market capitalisation in Australia.”Press: http://www.coindesk.com/australian-banks-westpac-and-anz-experiment-with-ripple/

ATB Financial“ATB successfully transferred CA$1,000 (EUR 667) to ReiseBank using a network built on SAPtechnology and Ripple’s pioneering network of enterprise blockchain solutions.”Press: http://news.sap.com/atb-financial-sends-one-of-the-worlds-first-real-time-payments-from-canada-to-germany-using-blockchain-technology-supported-by-sap/

Bank of America Merrill LynchBank of America is an American multinational banking and financial services corporationheadquartered in Charlotte, North Carolina. It is the second largest bank holding company inthe United States by assets. Bank of America Merrill Lynch is the corporate and investmentbanking division of Bank of America.Press: http://siliconangle.com/blog/2016/09/26/ripple-signs-deal-with-global-banks-to-establish-blockchain-based-global-transfer-system/

Bank of YokohamaThe Bank of Yokohama, Ltd. is a Japanese regional bank, operating mainly in KanagawaPrefecture and southwestern Tokyo. It is one of Japan's leading banks, the seventh largest bankin Japan by market value.Press: http://www.coindesk.com/japan-banks-blockchain-currency-exchange-ripple/

(Central) Bank of EnglandThe Bank of England (BoE) is the central bank of the United Kingdom. Founded in 1694, theBank's mission is to promote the good of the people of the UK.http://www.bankofengland.co.uk/Pages/home.aspxPress: https://ripple.com/insights/ripple-selected-to-participate-in-the-bank-of-england-fintech-accelerators-exploration-of-the-use-of-blockchain-for-global-rtgs/

BMO (Bank of Montreal)BMO offers a wide range of personal banking services including mortgages, credit cards, loansand insurance. Access accounts with 24/7 online banking.Press: http://www.bloomberg.com/news/articles/2016-09-15/ripple-raises-55-million-adds-seven-more-banks-to-its-network

Canadian Imperial Bank of CommerceThe Canadian Imperial Bank of Commerce, commonly referred to as CIBC, is one of the Big Fivebanks in Canada.Press: http://www.coindesk.com/7-financial-institutions-announce-partnerships-ripple/


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CBW Bank“The innovative Weir, Kansas bank (it was the original institution behind BankSimple andMoven, and partners with cryptocurrency firm Ripple Labs on cross-border payments) willformally launch a new payment tool called the ONE Card this quarter. (Published Feb. 25, 2015)““It offers something most banks can't, and which the Federal Reserve has begun nudging theindustry to build: real-time payments.

Press: http://www.americanbanker.com/news/bank-technology/cbw-bank-readies-launch-of-real-time-payments-1072921-1.html

Commonwealth Bank of AustraliaThe number 1 bank in Australia $129.89 billion market capitalization. “The Commonwealth Bankof Australia is an Australian multinational bank with businesses across New Zealand, Fiji, Asia,USA and the United Kingdom.”Press: https://cointelegraph.com/news/commonwealth-bank-of-australia-to-integrate-ripple-for-instant-settlements

Cross River Bank“One of the first U.S.-based banks that will use the Ripple protocol to offer its business andpersonal banking customers real-time international payments between the U.S. and WesternEurope.”Press: https://ripple.com/ripple_press/cross-river-bank-to-integrate-ripple-for-real-time-international-payments/

DBS Bank“DBS Bank is the largest bank in South East Asia by assets and among the larger banks in Asia.”Press: http://finovate.com/ripple-technology-drives-invoice-trading-platform/

Fidor BankFidor Bank is a German online bank.Press: http://www.coindesk.com/fidor-becomes-first-bank-to-use-ripple-payment-protocol/

Mizuho Financial GroupIt holds assets in excess of $2 trillion US dollars through its control of Mizuho Bank, MizuhoCorporate Bank, and other operating subsidiaries.[1] The company's combined holdings formthe second largest financial services group in Japan. Its banking businesses rank the third inJapan.Press: http://www.bloomberg.com/news/articles/2016-09-15/ripple-raises-55-million-adds-seven-more-banks-to-its-network

NAB (National Australia Bank)National Australia Bank is one of the four largest financial institutions in Australia in terms ofmarket capitalisation and customers.Press: https://ripple.com/ripple_press/ripple-adds-several-new-banks-global-network/


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http://finovate.com/ripple-technology-drives-invoice-trading-platform/

National Bank of Abu DhabiNational Bank of Abu Dhabi is a bank operating in the United Arab Emirates. NBAD is thelargest lender bank in the Emirate of Abu Dhabi and the second largest lender in the UnitedArab Emirates.Press: http://www.coindesk.com/7-financial-institutions-announce-partnerships-ripple/

Rabobank“Dutch multinational banking and financial services company headquartered in Utrecht,Netherlands.”Press: https://www.ftm.nl/artikelen/experimenteren-met-internationaal-betalen-met-bitcointechnologie

ReisebankHeadquartered in Frankfurt am Main, ReiseBank has more than 85 years of experience inbusiness travel payment.Press: http://www.coindesk.com/7-financial-institutions-announce-partnerships-ripple/

Royal Bank of Canada“Royal Bank of Canada, is the largest bank in Canada. The bank serves over 16 million clientsand has 78,000 employees worldwide.”Press: http://www.coindesk.com/royal-bank-canada-reveals-blockchain-remittance-trial-ripple/

Royal Bank of Scotland“The Royal Bank of Scotland has around 700 branches, mainly in Scotland though there arebranches in many larger towns and cities throughout England and Wales.”Press: http://bravenewcoin.com/news/rbs-trials-ripple-tech-for-automated-interbank-transfers/

Saldo.mx“Cross currency wallet for underserved migrant communities built on Ripple.”Press: https://ripple.com/insights/how-marco-montes-is-empowering-migrant-workers/

Santander Bank“Santander is the largest bank in the euro zone by market capitalization and among the top 12banks on a global basis.”Press: https://ripple.com/insights/santander-becomes-first-uk-bank-use-ripple-cross-border-payments/

SBI Sumishin Net BankSBI Sumishin Net Bank is an Internet bank jointly established, as an innovative customer-oriented new bank, by SBI Holdings and Sumitomo Mitsui Trust Bank.Press: http://www.coindesk.com/japan-banks-blockchain-currency-exchange-ripple/

Shanghai Huarui“Registered in Shanghai (Pilot) Free Trade Zone with a capital of 3 billion yuan ($484 million),will mainly serve small and micro enterprises that have difficulty getting loans from large State-owned banks.”Press: https://ripple.com/ripple_press/ripple-adds-several-new-banks-global-network/


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Standard Chartered Bank“Standard Chartered PLC is a British multinational banking and financial services companyheadquartered in London. It operates a network of more than 1,200 branches and outletsacross more than 70 countries and employs around 87,000 people.”Press: http://www.bloomberg.com/news/articles/2016-09-15/ripple-raises-55-million-adds-seven-more-banks-to-its-network

Sumitomo Mitsui Banking CorpJapanese multinational banking and financial services company headquartered in Yurakucho,Chiyoda, Tokyo, Japan. It is a wholly owned subsidiary of Sumitomo Mitsui Financial Group.SMBC is the second largest bank in Japan by asset.Press: http://cryptohustle.com/japanese-banks-are-starting-to-use-the-ripple-network

TD Bank Canada“TD Canada Trust is the personal, small business and commercial banking operation of theToronto-Dominion Bank in Canada.”Info: https://ripple.com/insights/money-2020-how-banks-can-leverage-distributed-financial-technology/

UniCreditUniCredit Group is an Italian global banking and financial services company. Its networkspanning 50 markets in 17 countries, with more than 8,500 branches and over 147,000employees.Press: https://ripple.com/insights/seven-leading-banks-join-ripples-global-network/

Western Union“The Western Union Company is an American financial services and communications company.”Press: https://www.cryptocoinsnews.com/ripple-labs-larsen-partnering-western-union-payment-settlements/

Westpac“An Australian bank and financial-services provider headquartered in Westpac Place, Sydney. Itis one of Australia's "big four" banks.”http://www.coindesk.com/australian-banks-westpac-and-anz-experiment-with-ripple/

Ripple SBI Asia consortium members:

77 Bank“A Japanese regional bank headquartered in Sendai, Miyagi Prefecture. As the designatedfinancial institution of the prefecture, the city, and many other cities and towns throughout theprefecture, it performs duties such as holding deposits for public money and handlingpayments. It is also the biggest regional bank in the Tōhoku region.”Press: https://www.77bank.co.jp/pdf/newsrelease/16101400_block.pdf

AEON Bank“You can use AEON Bank ATMs to withdraw Japanese Yen.More than 2000 ATMs nationwide areavailable while visiting Japan.”Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/


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http://www.coindesk.com/australian-banks-westpac-and-anz-experiment-with-ripple/

Aomori Bank“A Japanese regional bank headquartered in Aomori, Aomori Prefecture, in the Tōhoku regionof northern Honshū. The Aomori Bank provides financial services for individual and corporatecustomers, including deposits, loans, securities trading and investment, foreign exchange, andbond underwriting and registration services as well as credit card services.”Press: http://www.a-bank.jp/contents/cms/article/20161003004/index.html

Ashikaga Bank"Deposit business, lending, securities trading business and investment business, exchangebusiness, etc. Net income: Stand-alone: 19.7 billion 89 million yen (Year ended March 31, 2015)"Press: http://pdf.irpocket.com/C0060/xAmX/Y6EB/Zpyq.pdf

Awa Bank"The Awa Bank, Ltd. is a Japan-based regional bank, primarily engaged in the provision offinancial services, with a focus on banking services. The Bank has two business segments. TheBanking segment is engaged in deposit, loan, securities investment, and domestic exchangeand foreign exchange businesses, as well as the sale of public bond, investment trust andinsurance products, the brokerage of financial products and the provision of trust services, inaddition to the provision of credit guarantee and credit card services."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Bank of Yokohama“A Japanese regional bank, operating mainly in Kanagawa Prefecture and southwestern Tokyo. Itis one of Japan's leading banks, the seventh largest bank in Japan by market value (FY 2012). Itis listed on the Nikkei 225."

Bank of The Ryukyus"Founded in 1948 by order of the U.S. military administration of Okinawa to serve as a centralbank for occupied Okinawa, and was originally modeled after the Federal Reserve System of theUnited States and the Central Bank of the Philippines. During the U.S. administration, it wasempowered to issue currency and oversee the financial administration of Okinawa in additionto serving as a commercial and retail bank."Press: http://www.ryugin.co.jp/news/8878.html

Chiba Bank"the biggest bank in Chiba Prefecture, Japan. Listed on the Nikkei 225, it has branches in Osaka,New York City, London, and Hong Kong. Assets — $106.1 billion (2015)."Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/

Chugoku Bank"The Company operates in four business segments. The Banking segment is engaged in thedeposit, loan, marketable securities and investments, domestic and foreign exchange, trustbusiness, as well as debt guarantee and bonds underwriting business, the sale of public bondincluding government bond and securities investment trust, the financial instruments brokeragebusiness, and investment banking business including merger and acquisition (M&A)."Press: http://www.chugin.co.jp/up_load_files/news_release/1414_pdf_1.pdf


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Daishi Bank"Based in Niigata Prefecture northwest of Tokyo, Daishi Bank is the oldest bank in Japan andthe most influential institution in the prefecture. It was founded in 1873 as the Fourth NationalBank of Japan."Press: http://www.daishi-bank.co.jp/release/detail.php?id=3517

Daiwa Next Bank"Daiwa Next Bank, Ltd. offers commercial banking services in Japan. The company offersservices such as ordinary deposits, time deposits, payment services, fund transfer andsettlement, foreign currency deposit, negotiable deposit, account transfer, and loans."Press: http://www.bank-daiwa.co.jp/info/2016/1003_2628.html

Gunma Bank"A regional bank that operates in three business segments. The Banking segment is engaged inthe deposit, loan, marketable securities and investments, as well as domestic and foreignexchange businesses; the sale of public bonds, investment trust and insurance products, as wellas the trust business."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Hachijuni Bank"The Hachijuni Bank, Ltd. engages in the provision of financial services."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Hiroshima Bank"Deposit business, lending, securities trading business and investment business, exchangebusiness, etc. "Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/

Hokuriku Bank"Hokuriku Bank is dealing with non-performing loans. A Japanese regional bank headquarteredin Toyama, Toyama; Hokoriku refers to a greater region in Japan that encompasses Fukui,Ishikawa, and Toyoma prefectures. In addition to the Hokuriku region, the bank has branches inKyoto, Osaka, Niigata, Nagano, Tokyo, Kanagawa, Gifu, Aichi, and Hokkaidō. The bank alsooperates overseas representative offices in Shanghai, Singapore, and New York City."Press: http://www.hokugin.co.jp/info/files/pdf/810.pdf

Iyo Bank"The Iyo Bank, Ltd., together with its subsidiaries, provides commercial banking, leasing, andother financial services in Japan. It operates through Commercial Banking and Leasingsegments."Press: http://www.iyobank.co.jp/library/new/press/16-237.pdf

Juroku Bank"The Juroku Bank is industriously working to serve its customers in the prefectures of Gifu andAichi, both part of the industrial region of Chubu. The regional bank has about 150 offices in itsprimary service areas, as well as offices in Osaka and Tokyo, and overseas offices in Hong Kongand Shanghai."Press: http://www.juroku.co.jp/release/post_178.html


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Keiyo Bank"The Keiyo Bank, Ltd. engages in the provision of financial services such as banking, securities,insurance, trust, credit card, and credit guarantee. It operates through the Banking and Otherssegments."Press: http://www.keiyobank.co.jp/news/2016/20161003145539.html

Michinoku Bank"A Japanese bank that is headquartered in Aomori, Aomori Prefecture. The name “Michinoku” isdistinctive in that it was the first use of hiragana in the name of a Japanese bank. MichonokuBank, while focused on the Tōhoku region, has a network of branches and subsidiarycompanies that expands beyond the region. In Japan, Michinoku has offices in Hokkaidō, Akita,Iwate, Miyagi, and Saitama Prefectures, as well as a branch in Tokyo."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Mizuho Financial Group"It holds assets in excess of $2 trillion US dollars through its control of Mizuho Bank, MizuhoCorporate Bank, and other operating subsidiaries. The company's combined holdings form thesecond largest financial services group in Japan. Its banking businesses rank the third in Japanafter Mitsubishi UFJ Financial Group and Sumitomo Mitsui Financial Group, and the ninth in theworld by market capitalisation as of November 2009. It is the 59th largest company in the worldaccording to Forbes Global 2000 rankings. Its shares have a primary listing on the Tokyo StockExchange."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Musashino Bank"The Musashino Bank serves the Saitama region to the north of Tokyo in Japan. The bank andits 8 subsidiaries do business from about 90 offices throughout the area."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Nishi-Nippon City Bank"The Nishi-Nippon City Bank, Ltd. engages in the provision of banking and financial services. Itoperates through the Banking and Other segments. The Banking segment provides deposit,loan, domestic and foreign exchange, trading securities, securities investment, corporate bondtrustee and registration, and agency operation services."Press: http://www.ncbank.co.jp/nr/images/2016/161003.pdf

Nomura Trust and Banking Company"The Nomura Trust and Banking Co., Ltd. offers trust and banking products and services. Thecompany also offers investment advisory and management services. The company was foundedin 1993 and is based in Tokyo, Japan."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

North Pacific Bank"North Pacific Bank has total funds of 6 trillion 841.5 billion yen. Its main branch is in Sapporo,Hokkaido. Within Hokkaido it has 188 branches and in Tokyo it is developing operationsthrough one retail branch. It offers comprehensive financial products and services to a widearray of customers, from individuals to corporations."Press: http://www.hokuyobank.co.jp/newsrelease/pdf/20161003_070664.pdf


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Orix Bank"Orix offers leasing, lending, rentals, life insurance, real estate financing and development,venture capital, investment and retail banking, commodities funds and securities brokering. Inaddition to expanding its offerings, Orix has also expanded globally, offering financial servicesin North America, Asia, the Middle East and Northern Africa."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Resona Bank"This entity served as the financing arm of the Nomura zaibatsu founded by TokushichiNomura. Its securities brokerage operation separated in 1926 to form Nomura Securities, nowJapan's largest securities company. The bank was renamed Nomura Bank in 1927 and becamethe main bank for the Osaka Prefecture government in 1929, immediately following the 1929stock market crash."Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/

San-In Godo Bank"The San-in Godo Bank, Ltd. is a regional bank mainly operating in Shimane and TottoriPrefectures. The Bank offers banking services including deposits, loans, foreign exchangetransactions, and securities brokerage."Press: http://www.gogin.co.jp/about/press2016/topi16-093.pdf

SBI Sumishin Net Bank"SBI Sumishin Net Bank is an Internet bank jointly established, as an innovative customer-oriented new bank, by SBI Holdings and Sumitomo Mitsui Trust Bank."Press: https://www.netbk.co.jp/wpl/NBGate/i900500CT/PD/corp_news_20160819

Senshu Ikeda Bank"The Senshu Ikeda Bank, Ltd. is a Financial Services company located in Osaka, OsakaPrefecture, Japan."Press: http://www.sihd-bk.jp/fresh_news/0000000991/pdf/fresh.pdf

Seven Bank"On March 22, 2011, Seven Bank and Western Union started the Seven Bank InternationalMoney Transfer Service as part of their mobile and internet banking services. On July 19, 2011,the service was expanded to Seven Bank ATMs, which has about 16,000 locations nationwidewith English and Japanese telephone customer support."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.htm

Shinkin Central Bank"Central financial institution in Japan for the cooperative regional financial institutions, knownas shinkin banks, the Shinkin Central Bank (hereinafter the SCB) occupies a well-establishedposition in Japan’s financial industry. Shinkin banks currently hold funds totaling some ¥134trillion (around US$1,195 billion)."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Shinsei Bank"A leading diversified Japanese financial institution that provides a full range of financialproducts and services to both institutional and individual customers. It is headquartered inChuo, Tokyo."Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/


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Shikoku Bank"Shikoku Bank is primarily a provider of banking services to customers in Japan's Shikokuprefecture. The bank's financial services include both commercial and retail banking andlending among others. Shikoku Bank serves local businesses, individuals consumers, and publicagencies through about 110 branches."Press: http://www.shikokubank.co.jp/newsrelease/article.php?id=748

Shimizu Bank"The Shimizu Bank, Ltd. was established in 1928 with the merger of six banks and has alwaysbeen a valuable partner of the local community. The Bank has its headquarters in Shizuoka City,which has the Shimizu Port, the largest in the prefecture. Shimizu Port, located halfway betweenTokyo and Osaka, plays a significant role in international trade and economic development."Press: https://www.shimizubank.co.jp/news/detail/post_99.html

Sony Bank"Sony Bank is a Japanese commercial bank established in April 2001. It operates as a directbank and has no physical branches or ATMs. It is a subsidiary of Sony Financial and a memberof the Japanese electronics company Sony."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html

Sumitomo Mitsui Trust Bank"The largest trust company and the fifth-largest bank in Japan measured by assets."Press: http://www.nikkei.com/article/DGXLZO07911570S6A001C1NN7000/

Tochigi Bank"Founded in 1942, the Tochigi Bank offers banking services to the Tochigi Prefecture in Japan(located about 60 miles north of Tokyo). Through more than 90 branches and 4 consolidatedsubsidiaries, Tochigi Bank offers conventional financial services products such as savings,lending, portfolio advisement, leasing, housing loan guarantees, credit cards, and foreign anddomestic exchange services."Press: http://www.tochigibank.co.jp/pdfdata/news20161004144910-1.pdf

Toho Bank"A Japanese regional bank headquartered in Fukushima, Fukushima Prefecture, in the Tōhokuregion of northern Honshū. The Toho Bank provides financial services for individual andcorporate customers, including deposits, loans, real estate, securities trading and investment,foreign exchange, and bond underwriting and registration services as well as ATM and creditcard services."Press: http://www.tohobank.co.jp/news/20161003_004597.html

Tsukuba Bank"It operates through 147 branches. The company was formerly known as Ibaraki Mutual Bank,Ltd. and changed its name to The Tsukuba Bank, Limited in 1989."Press:http://www.tsukubabank.co.jp/cms/article/cd68c7d31a1e4d661068a3f203dbcf5aea8327f9

Yachiyo Bank"The company offers savings and time-deposit products, loans, credit card and guaranteeservices, insurance products, Internet banking services, and other banking related services. Itoperates through 84 branches."Press: http://www.sbigroup.co.jp/news/2016/1025_10458.html


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Yamagata Bank"A Japanese regional bank that is based out of Yamagata city, Yamagata prefecture. Most of thebank’s branches are in Yamagata prefecture, or other major cities in the Tohoku region, with abranch in Tokyo as well."Press: http://www.yamagatabank.co.jp/release/pdf/723.pdf?1475467433270

4.2 Connections/ shareholders

Microsoft“Develops, manufactures, licenses, supports and sells computer software, consumer electronicsand personal computers and services.”Press: http://www.coindesk.com/microsoft-hints-future-ripple-blockchain-toolkit/

MITMIT Media Lab creates disruptive technologies that happen at the edges.Press: http://www.coindesk.com/mits-adoption-ripple-blockchain-theory/

Google Ventures“GV, formerly Google Ventures, is the venture capital investment arm of Alphabet Inc.”Press: https://gigaom.com/2013/05/14/google-ventures-invests-in-opencoin-the-firm-behind-bitcoin-exchange-ripple/

W3“The World Wide Web Consortium is the main international standards organization for theWorld Wide Web.”Press: https://ripple.com/insights/promoting-interoperability-and-web-payment-standards-with-the-w3c/

Andreessen Horowitz“Andreessen Horowitz is a $4 billion venture capital firm, founded in 2009 by Marc Andreessenand Ben Horowitz. Early investor in Skype, Facebook, Twitter, Airbnb etc.“Press: https://cointelegraph.com/news/ripple-labs-finalizing-a-us30-million-funding-round

CME Group“CME Group is the world's leading and most diverse derivatives marketplace.”Press: https://bitcoinmagazine.com/articles/ripple-labs-raises-28-million-series-chicago-mercantile-exchange-seagate-1432036934

IDG Capital Partners“Founded in 1993, IDG Capital Partners was one of the first foreign venture capital firms toenter the Chinese market and focus exclusively on Chinese companies.”Press: http://www.marketwired.com/press-release/idg-capital-partners-and-google-ventures-invest-in-ripple-developer-opencoin-1790495.htm


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Seagate (Ripple shareholder)“Seagate is the global leader in data storage solutions, developing amazing products thatenable people and businesses around the world to create, share and preserve their most criticalmemories and business data.”Press: http://www.coindesk.com/seagate-ripple-investment-shows-were-serious-about-blockchain-tech/

Santander InnoVentures (Ripple shareholder)“We aim to support the digital revolution to make sure Santander customers around the worldbenefit from the latest know-how and innovations across the Banking Group’s geographies.”Press: http://www.coindesk.com/santander-innoventures-adds-4-million-to-ripples-series-a-round/

Digital Ventures (Ripple shareholder)“BCG Digital Ventures is a corporate investment and incubation firm. We invent, build andinvest in startups with the world's most influential companies.”Press: http://www.dealstreetasia.com/stories/thailand-digital-ventures-invests-us-based-blockchain-firm-ripple-53627/

Core Innovation Capita (Ripple shareholder)“Our portfolio companies harness technology to build transformative financial products andservices.”Press: http://blogs.wsj.com/venturecapital/2015/01/26/digital-payments-company-ripple-labs-finalizing-30-million-funding-round/

Susan Anthey (Ripple Advisor/Board of Directors)“She advises governments and businesses on the design of auction-based marketplaces,notably since 2007 serving as a long-term consultant to Microsoft Corporation in a variety ofroles, including chief economist.”

Michael Barr (Ripple Advisor)“He served from 2009-2010 as the U.S. Department of the Treasury’s Assistant Secretary forFinancial Institutions, and was a key architect of the Dodd-Frank Wall Street Reform andConsumer Protection Act of 2010.”

Donald Donahue (Ripple Advisor)“Previously, Donahue served as the COO and then the CEO of The Depository Trust & ClearingCorporation, the principal post-trade infrastructure organization supporting U.S. securities andderivatives markets, which processes transactions worth more than $1.6 quadrillion annually.”

Karen Gifford (Ripple Advisor)“Her work at the New York Fed included the successful defense of a claim by the Central Bankof Iran arising out of the hostage crisis for over $1 billion, and co-heading an investigation intomisconduct in the sales and trading of complex leveraged derivatives at Bankers Trust.”


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Karl-Theodor zu Guttenberg (Ripple Advisor)“As youngest Defense Minister in German history, he led the most significant structural reformof the German armed forces since the Bundeswehr’s founding. During his time in office he wasGermany’s most popular politician.”

Greg Kidd (Ripple Advisor)“Prior to Promontory, he was a senior analyst at the Board of Governors of the Federal Reserve.Greg also is a co-founder of a startup fund with early round investments in Twitter, Square,Coinbase, Coin, Shift, Stockpile, Ledger X, Kabbage, 3taps, and numerous other marketplaces,messaging, and payments companies.”

Anja Manuel (Ripple Advisor)“Anja Manuel is a Co-Founder and Partner along with former Secretary of State CondoleezzaRice, former National Security Advisor Stephen Hadley, and former Secretary of Defense RobertGates in RiceHadleyGates LLC, a strategic consulting firm that assists senior executives at majorU.S. companies in key emerging markets such as China, India and the Middle East.”

Matthew Mellon (Ripple Advisor)Member of the Bank of New York Mellon founding family. He founded Mellon Drexel, a digitaltelecommunications company working to issue three billion mobile wallets worldwide, is astrong advocate of digital currencies, and serves as Chairman of the Chamber of DigitalCommerce.”

Mariano Belinky (Ripple Board of Directors)“Mariano Belinky is Managing Partner at Santander InnoVentures – a FinTech venture capitalfund fully-owned by Grupo Santander, investing both capital and resources in companiesglobally.”

Doug Chertok (Ripple Board of Directors)“Doug has founded, advised and invested in early-stage companies for over twenty years. Healso founded Vast Ventures, a seed fund investing in technology and consumer products withan IRR exceeding 90% over ten years.”

Young Guo (Ripple Board of Directors)“Prior to joining IDG Capital, Young was a member of the Soros Fund Management in New Yorkfrom 1996 to 1999, where he was involved in managing a $3 billion private equity fund.”

Chris Larsen (Ripple Executive Chairman)“Chris Larsen is Executive Chairman and co-founder of Ripple. Prior to Ripple, Chris cofoundedand served as CEO of Prosper, a peer-to-peer lending marketplace, and E-LOAN, a publiclytraded online lender. Chris is also member of the Advisory Board of HSBC and the IMF.“


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David Schwartz (Ripple's Board of Directors)“In July of 2013, David Schwartz was elected to the Board of Directors of Ripple by thestockholders. He is currently the Chief Cryptographer at Ripple and one of the originalarchitects of the Ripple protocol. He began work on Ripple in late 2011, investigating the use ofdistributed agreement protocols to solve the double spend problem in cryptographic paymentsystems.

Prior to joining Ripple, David Schwartz was Chief Technical Officer for WebMaster Incorporated,a Santa Clara software developer. He developed encrypted cloud storage and enterprisemessaging systems for organizations like CNN and the National Security Agency (NSA). Knownas “JoelKatz,” he is a respected voice in the digital currency community.”

Gene Sperling (Ripple's Board of Directors)“Gene Sperling served as National Economic Council Director and National Economic Advisorunder President Clinton from 1997 to 2001 and then under President Obama from 2011 to2014.”

Marcus Treacher (Ripple's Global Head of Strategic Accounts)"Treacher has held a position as one of SWIFT’s more than 20 board members since 2013,where his responsibilities include overseeing its corporate advisory group and serving as amember of its banking and payments committee and technology committee."


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4.3 Resellers/ service providers

Accenture“We have extensive relationships with the world's leading companies and governments andwork with organizations of all sizes—including 89 of the Fortune Global 100 and more thanthree quarters of the Fortune Global 500.”Press: http://www.consultancy.uk/news/2799/payments-platform-ripple-inks-partnership-with-accenture

CGI Global“CGI has a long history of shaping and driving innovation in banking and payments, helping tobuild SWIFT, CHAPS and other payment systems.”Press: https://ripple.com/insights/ripple-and-cgi-team-up/

Crypto FacilitiesAs a leader in digital asset derivatives, Crypto Facilities will create a marketplace for XRPderivatives.Press: https://ripple.com/insights/ripple-partners-with-crypto-facilities-for-xrp-derivatives/

Deloitte“Deloitte is one of the "Big Four" and the largest professional services network in the world byrevenue and number of professionals. Deloitte provides audit, tax, consulting, enterprise riskand financial advisory services with more than 244,400 professionals globally.”Press: http://www2.deloitte.com/lu/en/pages/technology/articles/deloitte-integration-ripple-technology-temenos-t24.html

D+H“A leading provider of technology solutions to financial institutions globally, today announcedthat it has partnered with Ripple to deliver innovative payment capabilities by integratingGlobal PAYplus, its global payment services hub, with Ripple's distributed ledger technology,creating a foundation for further disruptive payments innovation.”Press: http://www.dh.com/news-events/press-releases/dh-partners-ripple-deliver-innovative-payment-capabilities-and-create

Earthport“Among the FinTech50, Earthport is a regulated Financial Institution under the auspices of theUK’s Financial Conduct Authority, transforming the future of cross-border payments.”Press: http://www.americanbanker.com/news/bank-technology/real-time-remittances-in-play-for-earthport-with-ripple-labs-deal-1071497-1.html

ExpertusClients include - Bank of Montreal, Pavilion Global Markets, Central 1, CIBC, Canada PensionPlan, Desjardins, General Electric, Hedgeserv, ICD, Laurentian Bank of Canada, Mizuho Bank,National Bank of Canada, PSP Investment, Royal Bank of Canada, Scotia Bank, Software AG,United Nations, Viacom, Dupont, First National Bank, International Air Transport Association,Investors Group, Sony, Canadian Payment Association, Manulife Bank, Western Union, VirginAtlantic, Firma Foreign Exchange, Silicon Valley Bank, CarePress: https://www.finextra.com/pressarticle/64716/ripple-and-expertus-team-up-for-blockchain-testing-service


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IntellectEU“10+ years of hands-on financial integration experience. International presence (USA, Belgium,Portugal, Ukraine). Servicing Financial Institutions, Corporations, and Vendors SWIFT and Rippleintegration experience and partnership.”Info: http://companyontop.com/c/304133

R3cevAn innovation firm focused on building and empowering the next generation of global financialservices technology.Press: http://www.coindesk.com/global-banks-test-ripples-digital-currency-new-blockchain-trial/

SBI Holdings“Ripple, global provider of financial settlement solutions, and SBI Holdings, Inc., global financialservices company, today announced the creation of SBI Ripple Asia. The new company will buildan engineering and sales force across Japan, China, Taiwan, Korea, and ASEAN countries to selland install Ripple’s enterprise solutions for cross-border payments at banks across the region.”Press: https://ripple.com/ripple_press/ripple-strikes-multi-national-deal-with-sbi-holdings-to-meet-growing-demand-for-ripple-solutions-across-asia/

Tas Group“TAS Group delivers software solutions for electronic money, payment systems, capital marketsand ERP.”Info: http://www.tasgroup.eu/solutions/payment-networks/ripple

Temenos T24“Temenos serves over 1,000 financial institutions in more than 125 countries across the world. Itclaims to be used by 38 of the top 50 banks worldwide.”Press: http://www2.deloitte.com/lu/en/pages/technology/articles/deloitte-integration-ripple-technology-temenos-t24.html

Volante“Volante Technologies, a software company specialized in the integration and processing offinancial messages, data and payments within institutions and corporate enterprises.”Press: http://www.volantetech.com/about/media/press-releases/ripple-integration/

Yantra“Yantra Financial Technologies specializes in designing, developing and managing banking &electronic payment systems.”Press: http://www.businesswire.com/news/home/20141103006189/en/Yantra-Financial-Technologies-Integrates-Ripple-Protocol-Latest


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5.0 technical insights/ whitepaper

The solutions that Ripple is offering to its banking clients can be described as 'brilliant', but atthe same time also as 'very complex' for people with a non-technological background. Thisdocument has been describing Ripple and XRP from a traditional investor's/ non-technologicalperspective. However, if you would like to take a technological deep dive, don't hesitate tocheck out the links below. It's fascinating!

Ripple Solutions Guide:https://ripple.com/files/ripple_solutions_guide.pdf

Interledger Whitepaper:https://interledger.org/interledger.pdf

The Ripple Protocol Consensus Algorithm:https://ripple.com/files/ripple_consensus_whitepaper.pdf

Any questions? The technical section of xrpchat.com is always a good place to stop by:https://www.xrpchat.com/forum/16-technical-discussion/


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https://ripple.com/files/ripple_solutions_guide.pdf

https://interledger.org/interledger.pdf

https://ripple.com/files/ripple_consensus_whitepaper.pdf

https://www.xrpchat.com/forum/16-technical-discussion/