Ripple, the digital currency based financial technology services company has raised an additional $4 million in the current funding round. With the recent funding, the company’s total Series A fundraising currently stands at $32 million.
Ripple offers digital currency based financial technology solutions to banking and finance industry. Ripple’s main offering is the global financial settlement solution that enables cross border funds transfer in short time and a fraction of cost, which the banks otherwise incur over traditional channels. Ripple uses digital currency or tokens for fund transfer, over a proprietary blockchain.
Ripple’s new round of funding comes at the time when banks are exploring the potential use of blockchain technology in their everyday operations. Many multinational banks have already invested in research teams, working on analysing the feasibility of such solutions and identifying its advantages and disadvantages.
Ripple, with its bases in San Francisco, New York and Sydney is already working with Royal Bank of Scotland (RBS) and Commonwealth Bank of Australia to set up a test platform for international funds transfer operations. Both the banks are also part of a larger group of over 30 international banks working on another alternative blockchain based financial network