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.
Ripple’s distributed financial technology allows for banks around the world to directly transact with each other without the need for a central counterparty or correspondent.
Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens representing fiat currency,cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes.
WSJ (15 Sept.)
