Ripple Raises $55 Million in Series B Funding Round, Adds Several New Banks

Ripple, the New York regulated San Francisco based blockchain firm, just announced that it has completed a $55 million Series B financing. The company will use the funds to accelerate customer growth, pursue strategic partnerships and grow the team internationally.

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The financing includes participation from new investors including Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Additional investors participating in the round include Santander Innoventures, the venture arms of CME Group and Seagate Technology, and Venture 51.

“Our mission is to make cross-border Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term truly efficient for banks and their customers, and in doing so, lay the foundation for an Internet of Value where the world moves money as easily as information,” said Ripple CEO anf co-founder Chris Larsen, “We’re thrilled to have these world-class investors joining forces with us to help make this vision a reality.”

Today Ripple also announced the addition of several new banks to its global network. Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), Siam Commercial Bank (SCB) and Shanghai Huarui Bank are now among the global banks that have adopted Ripple to improve their cross-border payments.

“2016 has proven to be the year where the most forward-thinking financial institutions are actually using Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term technologies for payments and settlement rather than as an experiment,” added Larsen. “The continued growth of the Ripple network represents a major endorsement of our open approach to connecting the world’s banks and their customers. Together we are building a modern payments system to enable new economic opportunities and the seamless flow of value around the world.”

Today’s news follows SBI Ripple Asia’s creation of a Japanese consortium of 15 banks in a new network that will use Ripple’s technology for payments and settlement.