Ripple Labs Raises $28M

What does Ripple Labs do?

Ripple Labs, is the global leader in distributed payments technology and supporters of the Ripple protocol. It has created the Ripple Protocol, which is an open source payment network that can be used to transfer value instantly point to point. It is committed to a simple, global and open currency and payment system. Ripple Labs team has developed the Ripple protocol and its distributed payment network and is now working to support and promote its growth.

It is a open sourced, decentralized global payment network, Ripple enables free and instant payments to merchants, developers and consumers with no charge backs and in any currency, which includes yen, dollars, Euros and even Bitcoin. The Ripple Labs’s goal is making the best way for people to send money anywhere to anyone.

How much Ripple Labs was funded?

Ripple Labs raised $28M in Series A funding on May 19^th from Crypto Currency Partners, Route 66 Ventures, RRE Ventures, Bitcoin Opportunity Fund, Core Innovation Capital and China Rock Capital.

Previous funding

• $1.5M in Angel funding on April 11, 2013 from Lightspeed Venture Partners, Andreessen Horowitz, Vast Ventures, FF Angel LLC and Bitcoin Opportunity Fund
• $1.4M in Angel round on May 14, 2013 from Pantera Capital, Google Ventures, Camp One Ventures and IDG Capital Partners
• $3.5M in Seed on Nov 12, 2013 from Core Innovation Capital, Camp One Ventures, Venture51 and IDG Capital Partners

What is next for Ripple Labs?

The company’s mission is to modernize decades old payments infrastructure with IP-based technology. the funding will help the company to grow its business internationally.

More about Ripple Labs

Ripple Labs was founded in 2012 by Chris Larsen and Jed McCaleb. It has its headquarters in San Francisco, CA. Its team consists of security experts, cryptographers, distributed network developers and Wall Street veterans.