In Brief:
- David Schwartz began developing the XRP Ledger on November 11, 2011, establishing the foundation for its blockchain payment infrastructure.
- Ripple emerged from the XRPL development team in 2012, receiving 80 billion XRP to support operations and broader ecosystem growth.
- Canary Capital’s spot XRP ETF marks its first anniversary, while XRPL developers prepare version 3.5.0 to address network performance issues.
The XRP Ledger has marked 15 years since David Schwartz wrote the first code that established its technical foundation. According to the official XRP account on X, Schwartz began coding the network on November 11, 2011, laying the foundation for a blockchain designed to address Bitcoin’s limitations and support efficient global payments.
Schwartz, now Ripple CTO Emeritus, worked alongside Jed McCaleb and Arthur Britto to develop the blockchain. Their goal was to create an alternative network offering efficient transactions without Bitcoin’s energy-intensive mining requirements. By June 2012, the XRP Ledger had launched, introducing a consensus-based system for processing transactions and transferring digital assets.
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XRP Ledger’s Early Development Led to Ripple’s Formation
The network’s development eventually contributed to Ripple’s establishment as a company supporting blockchain-based financial services. In September 2012, Chris Larsen joined the founding group, which established a company initially called NewCoin. The business later adopted the name OpenCoin before becoming Ripple.
During this period, the XRPL founders transferred 80 billion XRP to the company to support ecosystem development. Ripple subsequently introduced an escrow arrangement involving 55 billion XRP to manage its holdings and improve supply predictability. Under this arrangement, up to one billion XRP becomes available for release each month.
Meanwhile, XRPL expanded its capabilities beyond basic cryptocurrency transfers, supporting payments and other blockchain-based financial applications.
XRP ETF Anniversary Coincides With Upcoming XRPL Network Upgrade
The anniversary also coincides with another milestone involving the introduction of spot XRP exchange-traded funds in the United States. Canary Capital launched its XRPC fund on November 13, 2025, becoming the first U.S.-listed spot XRP ETF. Its first anniversary falls two days after the date associated with Schwartz’s initial development work.
Separately, XRPL developers have scheduled version 3.5.0 for December 3, 2026, introducing several technical improvements and network fixes. The update includes a permanent correction for occasional slow ledger closing times, following temporary measures implemented by developers.
The anniversary marks an important chapter in XRPL’s history, reflecting its development since 2011 and subsequent expansion into blockchain payments.
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