Ripple, a company that uses distributed ledger technology to send and receive money between banks across borders rapidly, has raised $55 million in fresh capital. Investors include Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank, and SBI Holdings—banks and consultancies that plan on using the product.
Ripple’s plan is to use the money grow it’s global network beyond the 15 banks already signed on. But blockchain technology has yet worm its way into the banking industry in an expansive way. Read this to see why it may be a slow slog for blockchain technology to usher in the future of banking.