San Francisco-based Ripple announced it has received $55 million in a Series B funding round. The capital injection makes the startup one of the largest funded blockchain-based projects in the industry.
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$55 Million Gives Ripple Labs ‘Tons of Runway’
The permissioned blockchain has continued to make progress since its current incarnation launched in 2012. With this latest funding round the company is now working with a total of $93 million. According to CEO Chris Larsen’s statements to the Wall Street Journal, the company may “never have to raise money again.”
Many legacy financial institutions took part in the series B round including Accenture, Banco Santander, SBI Holdings, Standard Chartered PLC, Thailand’s Siam Commercial Bank, and more. Larsen explains the latest investment gives the firm “tons of runway” to progress their efforts.