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Big banks’ investment creates ‘Ripples’ in Blockchain

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The third week of September has seen further mainstream adoption of the blockchain Technology.  State authorities and the congress have set into motion plans to draft cryptocurrency favorable legislations. While the central idea is to understand and regulate the currency, studying the underlying technology is also in focus. Commercially distributed ledger based startups have been on the rise and are gaining good traction.  Pretty recently Ripple has received its series B funding to progress its hassle-free settlement idea. Let’s look into how this week, various Blockchain ventures are kicking off:

Ripple receives $55 Million in Series B:

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Distributed ledger settlement startup Ripple has raised $55m in venture capital from a mix of financial industry heavyweights. Participating in Ripple’s Series B round are Standard Chartered, Accenture Ventures, SCB Digital Ventures, the venture arm of Siam Commercial Bank and SBI Holdings. Additional investors include Santander InnoVentures, CME Ventures, Seagate Technology and Venture 51. The growth trajectory indicates that the settlement startup will move out of its San Francisco headquarters. Much of those funds are for expansion projects including sales and marketing. However, it is distinct that some of the funds could also fuel new acquisitions. Ripple president and COO Brad Garlinghouse told:

“This gives us a strong balance sheet to also consider acquisitions. There are a lot of small players doing something interesting. Historically, we wouldn’t be interested, but going forward we may be.”

KPMG’s New Blockchain Services Suite:

Global accounting firm KPMG yesterday launched a suite of tools designed to help banks and major financial services firms. The tool will help them build blockchain in a compliant way. The Amsterdam-based accounting firm generated $24bn revenue last year. It now expanded its partnership with Microsoft to integrate with its blockchain-as-a-service toolkit.

 India’s Wipro joins Blockchain research:

India’s third-largest software and IT firm Wipro Ltd., has established a blockchain research facility in India’s IT capital of Bangalore. The IT giant is looking to develop real-world applications and software based on distributed ledger or blockchain technology.

Sydney Stock exchange confirms Blockchain platform for instant settlement:

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The Sydney Stock Exchange (SSX) has confirmed its project to build a public blockchain platform. This will drastically reduce settlement times of trades and equities. The new blockchain settlement system will place itself as a low-cost alternative to the current clearing and settlement system. This clearing platform belongs to the Australian Securities Exchange (ASX). Unlike its competitor ASX which is using a closed blockchain-based settlement system the SSX will work on a public ledger.

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