Ripple Labs, the creator and developer of the Ripple payment protocol and Exchange Network, will soon close a US Serie 30 million Series A funding round.
A spokesman for Ripple Labs confirmed to the WSJ Venture Capital Dispatch that it is working on new funding.
The deal puts the San Francisco-based startup at a valuation of around US.100 million, a person familiar with the situation told the media.
The US Serie 30 million Series A round will include Andreessen Horowitz, Google Ventures, IDG Capital Partners, as well as other existing investors.
So far, Ripple Labs had raised US.9 million in 3 rounds, which included two rounds of angel funding and one round of seed funding.
Ripple Labs investors include Andreessen Horowitz, the Bitcoin Opportunity Fund, Camp One Ventures, Core Innovation Capital, Google Ventures, IDG Capital Partners, Lightspeed Venture Partners, Venture51, as well as angel investors Bryan Bradford, Ryan Fugger, Jeffrey D. Jacobs, Ram Palaniappan and Steven Westly.
Founded in 2012 by Chris Larsen and Jed McCaleb, Ripple Labs (formerly OpenCoin) is the developer of the Ripple protocol, a decentralized distributed payment network, known for being banking and friendly to regulators.
Ripple Labs logo
Ripple aims to reduce the cost and time it takes to make cross-border payments in different currencies, and targets primarily financial institutions and remittance providers, rather than consumers.
Last year, Ripple Labs signed two US banks, Cross River Bank and CBW Bank, as well as German bank Fidor, to use the Ripple network to allow customers to send funds internationally.
Ripple supporters believe the technology holds the promise of doing much more than other cryptocurrencies. One of its main advantages argues Searchcoin Network founder, Vishal Gupta, is that software development and promotion are in charge of a company rather than a non-profit organization.
“You might think this is a bad thing, but in reality, it aligns financial interests with the interests of users,” he wrote in a blog post.
“Going beyond Bitcoin, Ripple will easily integrate into traditional payment networks like debit cards or checking accounts, allowing providers to unknowingly accept Ripple payments through their already existing systems. Since Ripple’S IOU naturally correspond to fiat currencies, these integrations will be much more convenient and functional than their Bitcoin counterparts.”
Last week, Ripple Labs announced that it had appointed Gene Sperling to its Board of Directors. Sperling is the first person to serve as Director of the National Economic Council and National Economic Advisor to two presidents, whose contacts and experience are likely to be useful as the cryptocurrency industry begins to grapple with regulation