Digital currency specialist Ripple Labs has secured a $28 million Series A funding round. IDG Capital Partners and the venture arms of CME Group and global data storage company Seagate Technology were investors in the round.
Ripple is aiming to work with global banks on international money transfers by using digital currency tokens in exchange for fiat currency, effectively disrupting traditional banking payments channels by creating a fiction-free standard for instantaneous funds transfers.
“Our mission is to modernise 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,” said Ripple Labs CEO and co-founder Chris Larsen. “Financial institutions, market makers and corporations are laying the foundation for this Internet of Value, contributing and providing liquidity for global payments. With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers.”