Ripple, a provider of distributed ledger settlement technology, announced Thursday it has raised $55 million in Series B funding from several of the world's largest banks.
The latest funding round includes participation from new investors including Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings. Ripple has previously received funding from Santander Innoventures, the venture capital unit of the Spanish banking giant, and Google, among others.
Additionally, the company announced that Standard Chartered, National Australia Bank (NAB), Mizuho Financial Group (MHFG), BMO Financial Group, Siam Commercial Bank (SCB) and Shanghai Huarui Bank are now among the global banks that have adopted Ripple to improve their cross-border payments. For example, Shanghai Huarui Bank is working with Ripple on a new commercial cross-border payment service for its retail customers so they can send money internationally in real time and at a lower cost.
"2016 has proven to be the year where the most forward-thinking financial institutions are actually using blockchain technologies for payments and settlement rather than as an experiment," Ripple CEO and co-founder Chris Larsen said in a press release. "The continued growth of the Ripple network represents a major endorsement of our open approach to connecting the world's banks and their customers. Together we are building a modern payments system."
Corrected September 16, 2016 at 4:10PM: An earlier version of this story mistakenly listed some of Ripples business partners among the new investors and left out the names of some other investors that should have been included. The paragraph about investors has been fixed, and a new paragraph about business partners added.