Ripple is once again making headlines due to a new round of funding. Various investors pumped another US$55m into the project. Moreover, five new banks have joined its distributed ledger network. Exciting things are on the horizon for Ripple, as some big names have come on board this week.
The Good News Keeps Piling On For Ripple
Ripple has garnered a lot of funding throughout the years. Many financial institutions see their blockchain solution as the way to go to revamp finance as we know it. The company’s network mostly consists of banks, and another five members were added earlier this week. Among them are Mizuho Financial Group, Standard Chartered, and National Australia Bank.
But the bigger news is the new round of funding, which netted a whopping US$55m. There is no shortage of money flowing into fintech and blockchain these days. Although Q2 of 2016 looked a bit bleak, this new funding round will push the numbers up a bit. This brings the total amount of money raised by Ripple to date to US$93m, which is a staggering amount.
Shanghai Huarui Bank GM Andrew Fang stated the following:
“We view blockchain as a competitive advantage that allows us to provide differentiated products, serve the on-demand expectations of our existing clients, and grow our customer base. “For example, using the Ripple solution, we are working on a new commercial payment service for retail customers that will allow them to send money from China to the US and other countries in real-time.”
It has to be said, the list of members making up the Ripple network is quite impressive. With 15 of the top 50 banks in the world trialing their blockchain solution, it has been quite a successful ride so far. Moreover, several dozen bank pilots have been completed, which may indicate a deployment of blockchain technology is imminent.
Just last month, Ripple Asia announced their Japanese consortium consisting of 15 banks. This alternative network will use Ripple technology for payments and settlement. This particular service is expected to go live in the Spring of 2017, albeit no specific date has been confirmed by company officials.
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