is a real-time gross settlement system, currency exchange and remittance network that is open to financial institutions worldwide and was created by
Labs Inc., a US-based technology company.
Released in 2012,
is built upon a distributed open source protocol, and supports tokens representing fiat currency, cryptocurrency, commodities, or other units of value such as frequent flier miles or mobile minutes.
purports to enable "secure, instantly and nearly free global financial transactions of any size with no chargebacks".
The ledger employs the native cryptocurrency known as XRP.
In December 2020,
Labs and two of its executives were sued by the U.S.
Securities and Exchange Commission (SEC) for selling XRP tokens, which the SEC classified as unregistered securities. [+]