Ripple Labs has secured $3.5 million in additional funding to fuel the development of its digital currency network.
Core Innovation Capital, Venture 51, Camp One Ventures, IDG Capital Partners and a number of unnamed individuals have invested in Ripple Labs.
San Francisco-based Ripple Labs says it will use the new funds to continue building developer and consumer tools that enhance and contribute to the Ripple ecosystem, which allows for the exchange of its Ripple currency and other conventional and unconventional methods of payment.
The latest investment builds on previous rounds of seed funding from Google Ventures, Andreessen Horowitz, IDG Capital Partners, FF Angel, Lightspeed Venture Partners, The Bitcoin Opportunity Fund and Vast Ventures, the company states in a Nov. 12 press release.
Its been a busy few months for Ripple. In July, the company added support for making payments to Bitcoin users from any other currency. Last month, Ripple added two new gateways, ZipZap and SnapSwap.
The Ripple network is designed to handle payments in any imaginable currency, including dollars, bitcoins and even beer.
As a distributed multi-currency exchange, Ripple pathways allow users to send money in one currency and receive it in another. The Ripple payment system can be used for a wide range of applications, including merchant payments, money transfers or remittances, the company says. Ripple says it enables fast, secure and nearly free transactions of any size, in any currency, around the world, with no chargebacks for merchants.
"Similar to the way in which email and other technologies drove the creation of a new global information Web where anyone can communicate instantly and for free, Ripple is changing the way the world transacts with the first global value web," CEO Chris Larsen says in the press release.