For the second time in as many months, open source payment network innovator, OpenCoin is closing another round of funding. This time the company has earned investment from Google Ventures and China-based IDG Capital Partners.
The total amount of the angel funding round has not been disclosed, though Google Ventures is rumored to have contributed less than $200,000.
The announcement comes one month after the company reported funding
from a quintet of investors: Andreessen Horowitz, FF Angel IV, Lightspeed Venture Partners, Vast Ventures, and Bitcoin Opportunity Fund. OpenCoin’s technology, Ripple, is a decentralized, virtual currency convertible into dollars, euros, yen, or Bitcoin.
OpenCoin’s CEO is Chris Larsen. The company presented its Ripple technology as part of FinovateSpring this month in San Francisco. Read our live coverage of their demo here
This post is part of our live coverage of FinovateSpring 2013.
Finishing up the first session of the day is OpenCoin
, developers of the world’s first open source payment network, Ripple
“At its core, Ripple is a distributed global ledger that creates a distributed open source payment network and the world’s first distributed currency exchange. Ripple solves the double spend problem through a process of consensus rather than Bitcoin’s concept of mining. Ripple furthers the Bitcoin mission with faster transactions (confirming in seconds, not minutes) and a multi-currency design that allows for any currency to be traded within its exchange. In fact, Ripple is so versatile, it’s the best place to hold and use Bitcoins.”
Product Launched: February 2013
HQ Location: San Francisco, CA
Company Founded: September 2012
Presenting Chris Larsen (CEO) and Jed McCaleb (CTO)
The Bitcoin Bandwagon just got bigger. OpenCoin announced they closed an angel funding round from:
- Andreessen Horowitz
- FF Angel IV
- Lightspeed Venture Partners
- Vast Ventures
- Bitcoin Opportunity Fund
The amount of the investment was not disclosed. But the funding will be geared toward helping the company expand the OpenCoin’s open source, decentralized payment system and virtual currency, Ripple protocol, currently in beta.
What is the upside of virtual currencies like Ripple? Easier online and mobile transactions and thwarting the fee-collecting capacity of contemporary payment networks are among the main promises. OpenCoin is led by CEO Chris Larsen, who was co-founder of E-LOAN and Prosper, and CTO Jed McCaleb. McCaleb created the largest Bitcoin exchange, Mt. Gox, in 2010.
OpenCoin was in the news recently for its acquisition of SimpleHoney. We covered the announcement here
See OpenCoin demo its Ripple technology at FinovateSpring in San Francisco in May. To find out more about the event, visit our information page here
Terms have not been disclosed. But the four-person SimpleHoney team will be joining OpenCoin’s 12-person crew in an effort to make OpenCoin’s virtual currency system simpler and more accessible for the average consumer.
OpenCoin is the company behind Ripple, an open source payment system developed by self-described “Bitcoin Enthusiasts”. SimpleHoney was launched in the spring of 2012 as a source for hotel recommendations based on the traveler’s personality and preferences. Since then, SimpleHoney has become better known for its “I Want Wish List” wish list app.
SimpleHoney’s ability to develop user-friendly technologies is one of the reasons for the acquisition, according to SimpleHoney co-founder Joyce Kim. Indeed, the SimpleHoney team will serve as OpenCoin’s “consumer engagement” group, focusing on usability issues.
OpenCoin will be presenting in San Francisco in May as part of FinovateSpring 2013. To learn more about the event, and to find out how to reserve your spot, click here.