San Francisco based payment technology provider, Ripple Labs, have secured $28m Series A Funding to continue its growth and finance International expansion. The company, which earlier this month settled allegations that it violated U.S. federal law has developed a new payment mechanism that uses a distributed ledger protocol to power what they refer to as an “Internet of Value”.
Chris Larsen, Ripple Labs CEO and co-founder stated “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,”
The company has gained initial success in Europe and the US with Earthport, Cross River Bank, Fidor Bank, and CBW Bank announcing Ripple integration. The network has the capability to link financial systems and support the real-time transfer of funds in any currency without the requirement of a clearing mechanism.
The additional financing will support the companies drive into Asian markets.