Ripple Labs Raises $28 Million in Series A Round


Digital currency startup Ripple Labs announced today that it has closed a new $28m Series A funding round.

The company drew support from a mixture of new and existing investors, including the venture arms of US futures and options exchange CME Group and data storage firm Seagate Technology.

Other participants in the round include AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures and Venture 51.

The company said that it planned to use the funds to fuel international expansion efforts, most notably in Asia. In a statement, Ripple Labs CEO Chris Larsen said the new support would also facilitate access to liquidity in the Ripple system, thereby enabling new customers to come onboard, adding:

“With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers.”

The announcement follows months of speculation that the company was raising a new round of funding. In January, the Wall Street Journal reported that Ripple Labs was

Read more ... source: CoinDesk