Google-invested Ripple recently received a further round of US$55 million in Series B financing. This company uses blockchain technology to solve financial transactions for major global banks.
The new round of financing investors include Standard Chartered Bank, Accenture Ventures, SCB Digital Ventures, Thai Commercial Bank Investment Group and Japan's leading financial group Sihanyi Holdings; previously invested in the company's many venture capital, such as Google Ventures, A16Z IDG and others also participated in this investment. Up to now, Ripple has received a total of 93 million US dollars of financing.
In addition to financing, Ripple also announced that some large banks will join its network, including Standard Chartered Bank, Western Pacific Bank, National Australia Bank, Mizuho Financial Group, Bank of Montreal Financial Group and Shanghai Huarui Bank. Each financial institution has successfully transferred funds in Ripple's network and is developing commercial products based on their respective usage scenarios. For example, the main product of China Resources Bank will be to help transfer students in the United States.
With so many banks doing endorsements, Ripple is undoubtedly the most successful blockchain technology company.
The company's main business is to help banks make cross-border payments more convenient, and its core product is the Ripple agreement. The Ripple protocol is essentially a real-time settlement system, and a currency exchange and remittance network based on a distributed open source Internet protocol, consensus ledger and native currency XRP.
Now, the completion of an international payment often takes several days, and the cost is high. Ripple said that his technology can make the bank reduce the cost of 33% in the payment, the transaction can be completed within seconds. The blockchain is Ripple's technology foundation. As the underlying technology of Bitcoin, this is a large decentralized ledger that can record every transaction and store it in a global computer network.
For the blockchain, there is almost consensus that it can reduce the cost of many banking operations. A report by Juniper Research, an analyst firm, pointed out that under the premise of security, the blockchain system can significantly reduce the risk of error and verification time for areas such as transaction settlement. Many banks believe that blockchain technology is very suitable for remittances and securities transactions.
One of the banks’ headaches is a large but low value transaction. For the banks, these transactions are costly, but the profits are low because the transfer process is complicated but the rates charged are not as large as the large transactions. Ripple thinks he can make such transactions profitable.
In addition, unlike Bitcoin, Ripple's books need to be allowed to join, that is, banks do not have to worry about the anonymous party's involvement in the transaction. And Ripple's distributed books do not need to use their own digital currency XRP to run.
However, Ripple's success was not a thing of the past. After the company was officially established a year ago, it finally found its first customer. Ripple was formally established in 2012. At that time, there was basically no competitor in blockchain technology because most companies only focused on Bitcoin protocol and used encrypted code as currency. There was a long brewing period before this.
The predecessor of the Ripple protocol is Ripplepay, which was developed by Ryan Fugger in 2004. After dealing with the old-fashioned trading system, Fugger gave birth to the idea of ​​a new system. He initially wanted to develop a new decentralized currency system that allowed individuals and communities to create their own currency. The first generation system, RipplePay.com, was born in 2005 and can provide secure payment services for community users through a global network.
Chris Larsen
If you stop there, Ripplepay may be limited to a small area. The turnaround took place in 2012 when two people named Chris Larsen and Jed McCaleb proposed a new digital currency concept to Fugger, and after discussions with senior members of the Ripple community, finally let the latter make concessions, and in September of that year, Three people co-founded OpenCoin.
McCaleb started the development of a new version of the Ripple system in the previous year. It eliminated bitcoin's dependence on centralized transactions, used less power, and increased the speed of transactions. Larsen is an outstanding angel investor and entrepreneur. He also founded E-Loan and Prosper, a lending service company. He also sniffed out the opportunities in the new system.
The new payment protocol developed by OpenCoin is the Ripple protocol. It allows both parties to exchange funds directly and directly, bypassing the cost and time of traditional agency banking systems. It also supports any currency, including US dollars, euros, renminbi, yen, gold, and airline miles. In July 2013, the Bitcoin Bridge was born, allowing users to initiate payment of any type of currency to Bitcoin addresses.
It is at this time that well-known investment institutions such as Google Ventures and A16Z have also joined. In September 2013, OpenCoin officially changed its name to Ripple Labs and Larsen served as CEO.
2014 was a year when Ripple’s crop was growing. A year after its name was changed, it ushered in the first bank user: Fidor, a German internet bank. Larsen claimed that "the company has developed a new point-to-point transparent transaction process, and banks no longer need to pay agency fees." Four months later, it received support from two U.S. banks for the Ripple agreement and began cooperation with the global payment service company Earthport in December of that year. Earthport's users include Bank of America and HSBC, and its services cover 65 countries. At this point, Ripple gradually recognized.
Ripple has now completed 30 pilot projects and has partnered with 15 of the world's top 50 banks, including UBS and Standard Chartered, and 10 of them are in commercial cooperation.
Ripple CEO Chris Larsen said that the new financing is mainly used for global expansion, and with the increase in Internet of Things devices, micro payments become more frequent, Ripple will have more opportunities in it. The new round of financing also allowed Ripple to start acquiring some companies with technical strength, and the capital winter since the second half of last year also gave it an opportunity.
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