Ripple, the blockchain financial platform raised $55 million Thursday from multiple banking institutions as part of its second fundraising efforts. Seven more banks have been added to its flourishing network.
platform is known to provide blockchain based cross-border payments technology for banks. The funds will push customer growth for its bitcoin-like payments platform for banks.
Banks are able to transfer funds to branches across locations at costs lower than traditional methods.
The total funds raised by the company so far stands at $93 million. The recent investment made by banking and finance firms highlights a progressive interest with the banking community to be part of the developing and practice of blockchain technology in their industry.
The growing interest in Ripple among the financial institutions overlaps with the increasing participation of various global banking majors in the R3 Blockchain Consortium and other similar working networks.
Ripple already has over 30 banks as part of its international network. Almost half of its customers are major international banking institutions.
The investors who were involved in the recent funding round includes Accenture and Standard Chartered. Google Ventures is another significant existing investor in the Ripple platform.
Ripple’s main focus is on cross-border transfers, a process that is currently inconvenient and costly, Ripple describes them as high-volume, low-value transactions - smaller transactions, for example, payments on Amazon and other online platforms.