Bitcoin company Ripple gets $55 million in funding

Ripple, the San Francisco-based startup building a bitcoin-like payments platform aimed at banks, announced a $55 million Series B funding round on Tuesday, bringing its total capital to about $93 million.

The move makes it one of the best capitalized startups in the blockchain industry, where firms use so-called open ledgers to solve a wide variety of technology challenges.

New and existing investors were involved in the new Ripple funding round. New investors included Accenture Ventures, SBI Holdings, SCB Digital Ventures, Standard Chartered PLC, and the investment arm of Thailand’s Siam Commercial Bank. Existing investors that joined in this round included a Banco Santander SA venture fund, the venture arms of CME Group Inc. and Seagate Technology, and Venture 51.

The new funds give the company “tons of runway,” said CEO Chris Larsen. “It’s possible we never have to raise money again.”

The firm also announced several new commercial clients signed long-term contracts to integrate Ripple’s services into their own banking platforms, including two of the new investors: Standard Chartered and Siam Commercial. Other banks that have signed contracts include Westpac, National Australia Bank, Mizuho Financial Group, MBO Financial Group, and Shanghai Huarui Bank. The contracts are generally multiyear deals, the company said, and

Read more ... source: TheBitcoinNews

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