Investors in the Series A round will include Andreessen Horowitz, Google Ventures, IDG Capital Partners and other existing investors, the person said. Ripple previously raised more than USD 3.5 million from a number of backers including Bitcoin Opportunity Fund, Camp One Ventures, Core Innovation Capital, FF Angel, Lightspeed Venture Partners, Vast Ventures and Venture51.
Ripple has created a decentralized payments network that helps validate transactions using a digital currency technology similar to Bitcoin. The company is targeting use by banks and remittance providers, rather than consumers.
Ripple is tapping into the promise of the distributed verification systems that underlie digital currencies such as Bitcoin and Ripple’s digital coin. Venture investors are talking about the value of this type of distributed ledger system as a basis for all kinds of applications, not just currency.
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