Standard Chartered joins Ripples new funding round

The company is notorious especially for building a Bitcoin-like payments platform aimed at banks. The Ripple funding round involved new and existing investors. New investors included Accenture Ventures, SBI Holdings, SCB Digital Ventures, Standard Chartered, and the investment arm of Thailand’s Siam Commercial Bank. Existing investors that joined in this round included a Banco Santander venture fund, the venture arms of CME Group and Seagate Technology, and Venture 51.

Several new commercial clients, including Standard Chartered and Siam Commercial, signed long-term contracts to integrate Ripple’s services into their own banking platforms according to company’s representatives. Other banks that have signed contracts include Westpac, National Australia Bank, Mizuho Financial Group, MBO Financial Group, and Shanghai Huarui Bank.

The contracts, multiyear deals, involve licensing fees, integration agreements, and in some cases transaction fees, though that last is a negligible part of the agreement, the company added.