Payment Protocol Company Ripple Labs recently announced that it has raised $28 million in a new Series A financing round.
The San Francisco-based startup attracted supports from a number of globally renowned companies, which include data storage company Seagate, derivative marketplace CME Group, and venture capital firm IDG Capital Partners. It further received investments from Jerry Yang’s AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, and many other renowned investment vehicles.
As Ripple Labs commits, it is going to channel these investments towards building the tools and services to flourish its global banking payment protocol Ripple®. The company further wants to share its focus on sectors other than banking, which include market making and corporate treasury services.
Ripple Labs CEO and co-founder, Chris Larsen, meanwhile acknowledged the role of their new investors in shaping up the company’s upcoming services. “Financial institutions, market makers and corporations are laying the foundation for this Internet of Value, contributing and providing liquidity for global payments,” he stated. “With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers.”
Perhaps the most notable announcement Ripple Labs made in its press release was its interests in exploring the key Asian markets, something which certainly explained the involvement of IDG Capital Partners, one of the leading Chinese investment vehicles, in the new funding round. The company’s representative Li Feng further acknowledged Ripple Labs for its decision to enter the Asian bazaars and said:
“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.”
Ripple Labs had earlier expanded its base to the Pacific region as well.