Standard Chartered completes Ripple investment

Standard Chartered Bank has made a strategic investment in the distributed ledger technology (DLT) specialist Ripple to “further accelerate [its] digitisation agenda” in exploring new ways to use the technology for adding value to its clients and the industry. The bank will be given an observer board seat at Ripple, providing “the opportunity to drive future collaboration and developments in the industry and produce innovative client solutions across its businesses.”

Standard Chartered first partnered with Ripple last December when it completed a proof of concept (PoC) to deliver the world’s first application of DLT to enhance the overall security of trade finance invoicing. The PoC “marked a crucial milestone in the digitisation journey of trade finance and proves the potential of collaborative development in delivering innovative client solutions.”