Chris Larsen, the Ripple Chairman, recently shared the story behind the company’s name change from OpenCoin to Ripple in an interview with Ben Fong-Torres. Originally founded in 2012, Ripple has become a prominent player in the digital payment and cryptocurrency industry. The name Ripple was inspired by the famous 1970 Grateful Dead song, with Larsen revealing that they were able to acquire the rights to the name from a man who operated a 900 number for Grateful Dead information.
Larsen explained that they were developing a Bitcoin competitor at the time and wanted to distribute the cryptocurrency to the world freely, which resonated with the concept of the Grateful Dead song “Ripple.” The idea of a digital currency “rippling around” the world seemed fitting to him, reflecting his experiences attending Grateful Dead concerts. The shares offered to the individual who sold them the Ripple name initially worth around $100,000, eventually surged to approximately $30 million, demonstrating the massive growth Ripple has undergone since its inception.
Ripple CTO, David Schwartz, praised Larsen for his significant contributions to the company’s success in a recent AMA session. Schwartz highlighted Larsen as the most crucial figure in Ripple’s history, emphasizing his dedication during challenging times. Although Ripple was not involved in creating XRP, the native token of the XRP Ledger, there exists a close relationship between the original architects of the ledger and Ripple. XRP was initially referred to as “ripples,” with Schwartz previously explaining the reasoning behind the “XRP” currency code.
The inspiration behind renaming OpenCoin to Ripple had multiple layers, with Larsen’s vision of distributing cryptocurrency worldwide aligning with the Grateful Dead song’s theme of a fountain. The change in name reflected Ripple’s mission of making digital currency accessible globally, influenced by Larsen’s experiences at Grateful Dead concerts. The financial success of the individual who sold them the Ripple name further highlights the growth and prosperity Ripple has achieved since its establishment.
Larsen’s commitment to Ripple’s growth has been pivotal, with Schwartz recognizing his leadership as crucial to the company’s success. Despite Ripple not being directly involved in the creation of XRP, the relationship between the original architects of the XRP Ledger and Ripple remains strong. The name change to Ripple symbolized the company’s vision of a digital currency circulating worldwide, mirroring the ethos of the Grateful Dead song “Ripple” that inspired the new name. Through Larsen’s efforts, Ripple has grown exponentially, establishing itself as a key player in the digital payment and cryptocurrency space.
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