This platform essentially provides a bridge between currencies. If a bank wishes to exchange its JPY for a USD for instance, it might take several days and quite costly. The ripple platform works by providing a central currency as a bridge for exchange; the XRP.
Company & Team
The lead team proved themselves to be qualified and competent. The company founded in 2012 and has raised over $90 million in funding.
There are over 150 employees currently. Thus, this team received high marks for its skill set balance, commitment and assembly.
The volume of global daily foreign exchange is $5 Trillion. It's huge market size.
There are many blockchain projects providing overseas remittance. However, most of them are targeting individual customers. On the other hand, Ripple's main target is banks and institutions. Stella and R3 is major competitor as a blockchain service and Swift, the legacy system, also can be big threat to Ripple.
Product & Development
Ripple is a first-mover and leading blockchain service provider, also growing its business continuously. The company has more than 100 institutional customers and over 75 commercial deployment around the world.
Currently, Ripple provides xCurrent platform service which doesn't use XRP. The company announced that xRapid, which uses XRP will be used by payment providers by 2018.
Ripple has been criticized for not being truly decentralized for transaction consensus. Also, banks which uses Ripple platform doesn't utilize cryptocurrency till now.
Ripple controls RippleNet and owns 62% of the total XRP supply.
ICO Plan & Result
XRP is the 3rd biggest project in the world in terms of cryptocurrency market cap.