Ripple Raises $55 Million, Adds Seven More Banks to Its Network
- Standard Chartered, Bank of Montreal, Mizuho join Ripple
- Ripple wants to speed up $155 trillion in overseas payments
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Ripple, which aims to make it easier to send payments around the world, raised $55 million in second-round venture funding and added Standard Chartered Plc, Bank of Montreal and Mizuho Financial Group Inc. to its network of banks.
San Francisco-based Ripple has an enormous target in its sights: the $155 trillion that each year moves between countries in the cross-border payments industry. Ripple’s aim is to connect the various blockchains being developed by Wall Street firms, enabling corporations and banks to shift money around in minutes rather than the days or weeks it can now take.