Ripple Labs, a payment technology specialist, has announced that it has received $28m in a Series A funding round.
The payment technology firm is an extension of internet protocol company Ripple. Ripple Labs primarily focuses on powering the free and instant exchange of anything of value.
Its team of 100 is comprised of experienced cryptographers, security experts, distributed network developers, Silicon Valley and Wall Street veterans. They also recruit financial institutions and payment networks to use Ripple.
Ripple interconnects all the world’s disparate financial systems to power the secure transfer of funds in any currency in real time.
‘‘Our mission is to modernize decades-old payments infrastructure with IP-based technology so value moves around the world as freely, easily, securely and transparently as information on the web today,’’ said Chris Larsen, CEO and co-founder of Ripple Labs.
The round was led by IDG Capital Partners and the venture arms of CME Group and global data storage company Seagate Technology. Other investors included AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, and Wicklow Capital.
The new investment enables Ripple to further its plans for an Internet of Value (IoV), which is a ‘‘future where value is transmitted and transferred with the same ease as data is pinged around global networks.’’
‘‘Financial institutions, market makers and corporations are laying the foundation for this Internet of Value, contributing and providing liquidity for global payments. With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers,’’ continued Larsen.
The new investment will also help Ripple grow internationally, particularly in Asia. This decision is further supported by the appointment of Li Feng to its board of directors. Feng is currently a partner at IDG Capital.
‘‘We are excited to build on our relationship with Ripple Labs, especially as they expand their presence in Asia. Growing their influence in key regions like Asia will help activate new markets, further accelerating the use of Ripple as a real-time settlement protocol by the world’s leading financial institutions,’’ said Feng.
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