Ripple scores $28 million funding round

Wednesday, May 20, 2015

Ripple is bidding to work with international banks to rewire the international money transfer business through the fast and frictionless exchange of its digital currency tokens in exchange for fiat currency, effectively upending traditional banking payments channels by creating a fiction-free standard for instantaneous funds transfers.

“Our mission is to modernise 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,” says Ripple Labs CEO and co-founder Chris Larsen. “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.”

Source: Finextra (link opens in a new window)

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digital payments, mobile banking, mobile finance, mobile money, remittances