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Decentralized currency exchange Ripple Labs rakes in $3.5M in new funding

on November 12, 2013

Gigaom

Ripple Labs — formerly known as OpenCoin — has pulled in $3.5 million in fresh investment, bringing the total to $9 million. New investors include Core Innovation Capital, Venture 51 and Camp One Ventures, while existing investor IDG Capital Partners is back for more. Earlier investors include Google(s goog) Ventures and Andreessen Horowitz.

Ripple is a decentralized currency exchange that’s been riding the Bitcoin hype wave while not actually being dependent on Bitcoin – it handles traditional currencies too, and uses its own virtual currency (XRP) for transaction tokens. Apart from the name change, Ripple recently completed its open-sourcing and released an iOS(s aapl) app for monitoring XRP prices.

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