San Francisco-based blockchain giant Ripple has been recognized as one of the fastest-growing companies by Inc., one of America’s leading business magazines.
Ripple occupies 123rd place on the extensive list that features 5,000 businesses.
A 3,039 percent growth
According to the magazine’s estimations, the XRP-affiliated blockchain company, which was created in 2012, has managed to achieve a whopping 3,039 percent growth over the last three years (the median growth is 165 percent).
Its RippleNet network, which connects major banks and financial institutions, surpassed 300 customers last year.
Ripple’s valuation swelled to $10 bln in December 2019 after wrapping up its $200 mln Series C funding round spearheaded by New York-based Tetragon Financial Group.
It owns 55 percent of the total XRP supply, using the token as a bridge currency for its On-Demand Liquidity (ODL) product.
While setting the record straight about the company’s shotgun strategy regarding XRP adoption, Ripple CEO Brad Garlinghouse revealed that ODL volumes had grown 11 times in a year.
Overall, more than 2 bln transactions with a notional value of $7 bln has been processed on the RippleNet network.
A privacy management company tops the list
While Ripple is the highest-ranking blockchain-related company, there are some private firms that have seen even more impressive progress in the financial services department.
Nationwide Mortgage Bankers is in the lead in its respective category with a 16,395 percent growth.
Meanwhile, Georgia-based privacy startup OneTrust is at the top of the list (48,337 percent). After raising an additional $210 in February, it is now valued at $2.7 bln despite being founded only four years ago.