Ripple Labs Raises $28 Million in Series A Round

Digital currency startup Ripple Labs announced today that it has closed a new $28m Series A funding round.

AccessTimeIconMay 19, 2015 at 7:02 a.m. UTC
Updated Sep 11, 2021 at 11:41 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Digital currency startup Ripple Labs announced today that it has closed a new $28m Series A funding round.

The company drew support from a mixture of new and existing investors, including the venture arms of US futures and options exchange CME Group and data storage firm Seagate Technology.

The company said that it planned to use the funds to fuel international expansion efforts, most notably in Asia. In a statement, Ripple Labs CEO Chris Larsen said the new support would also facilitate access to liquidity in the Ripple system, thereby enabling new customers to come onboard, adding:

"With investors like CME Group and Seagate joining the fold, we’re well positioned to accelerate adoption amongst these key customers."

The announcement follows months of speculation that the company was raising a new round of funding. In January, the Wall Street Journal reported that Ripple Labs was seeking as much as $30m in a Series A round. Ripple Labs raised $3.5m in seed funding in 2013.

The funding disclosure comes weeks after Ripple Labs was fined by the Financial Crimes Enforcement Network (FinCEN) for violations of the US Bank Secrecy Act.

Asia push

In its announcement, the company highlighted its intention to focus on growth in Asian markets. Notably, Li Feng of IDG Capital Partners will be joining Ripple Labs' board of directors.

“Growing their influence in key regions like Asia will help activate new markets, further accelerating the use of Ripple as a real-time settlement protocol by the world’s leading financial institutions," Feng said in a statement.

Commenting on the deal, Seagate senior vice president of finance and treasury Dave Morton took a more global stance, noting that his company sees the opportunity in supporting global transfer mechanisms that can help reduce friction between parties.

"Banking and corporate applications are just the tip of the iceberg for a technology like Ripple, and we're excited to support the team's pursuit of those opportunities," he noted.

Group of business people image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.