Ripple joins the fintench big league despite legal battles

Ripple, alongside digital asset giants like OpenSea, Coinbase, and Chainalysis, has been ranked as one of the top 250 fintech companies in 2024 by CNBC and Statista. According to CNBC, a strict methodology was used to analyze and weigh different KPIs. 

Also Read: Why TON could never be listed on Coinbase or Binance 

CNBC confirmed that while other outstanding companies were handpicked as “editor picks,” they held no higher prominence than those selected under Statista’s KPI-based objective analysis. CNBC clarified that the selected companies were recognized for their continuous efforts in shaping the future of digital financial services despite facing sector-related struggles.

Ripple makes the 2024 list of top fintech companies

We’re honored to be recognized by @CNBC and @StatistaCharts as one of the World’s Top Fintech Companies in 2024.

Thank you to our employees, customers, and supporters on the journey with us! https://t.co/GW0IUuh2su

— Ripple (@Ripple) July 10, 2024

The joint CNBC and Statista report revealed that the 250 selected fintech companies were compiled into eight categories: Payments, Banking Solutions, Neobanking, Wealth Technology, Digital Assets, Alternate Finance, Business Process Solutions, and Financial Planning. 

According to CNBC, Statista’s analysts conducted in-depth research between March and May 2024 to determine 250 of the most outstanding fintechs out of more than 2,000 eligible companies. 

To derive the companies’ positions on the list, CNBC and Statista considered general KPIs (40%) and segment-specific KPIs (60%) using data compiled from publicly available sources. Some data sources CNBC highlighted included media monitoring, company websites, and annual reports.

Ripple expressed gratitude for the recent recognition, declaring that it was ‘honored’ to be included in the jointly compiled list of top fintech companies.

“Thank you to our employees, customers, and supporters on the journey with us!”  

–Ripple

At the time of writing, Binance’s live data showed XRP’s price at $0.4434, a market cap of $24.71 billion, and a transaction volume of $1.01 billion in 24 hours. The data from Binance also reveals that Ripple is among the top 10 cryptocurrencies by volume despite an ongoing lawsuit filed against the company by the U.S. SEC in 2020.

Ripple community still hopeful despite the U.S. SEC turmoil

According to crypto trader Ray Ceiver, XRP investors were desperately waiting for the SEC lawsuit to end positively. He complained that the XRP price had been suppressed for far too long due to the ongoing lawsuit.

Ripple’s CEO, Brad Garlinghouse, expressed his disappointment in the majority of Democrats he accused of enabling Gensler’s ‘unlawful war on crypto.’ Calling Gensler the modern-day ‘Luddite,’ he asserted that the SEC’s chairperson was sabotaging the ability for American crypto innovation to thrive.

“In yesterday’s testimony, Gensler kept talking about “crypto asset securities.” That’s a made-up term, found nowhere in the law, by a deeply flawed unelected bureaucrat. He also implied that all crypto executives were criminals.”

–Stuart Alderoty, Chief Legal Officer Ripple

The SEC accused Ripple of raising over $1.3B through an ongoing offer of unregistered digital asset securities (XRP) to domestic and global investors. However, Alderoty observed that the U.S. SEC was bent on punishing and intimidating Ripple and the industry rather than faithfully applying the law.