DEFINITION of OpenCoin
OpenCoin is a technology company that developed the protocol for Ripple, a payments network for cross-border transfers. First launched in 2012, Opencoin was started by Jed McCaleb, who was one of the co-founders of Japanese cryptocurrency exchange Mt. Gox, and Chris Larsen, who previously founded lending platform e-Loan. It was the first cryptocurrency to broaden bitcoin’s original mandate of serving as a medium for daily transactions to include payment networks.
OpenCoin received funding from marquee venture capital firms, such as Google Ventures and Andreesen Horowitz. After OpenCoin was launched, Patrick Griffin, the company’s executive vice-president, claimed that it was the fastest payments system ever built. Opencoin was renamed Ripple Labs in 2015.