Ripple, a blockchain startup backed by Google, has acquired $55 million in investments from some big banks. Banks such as Santander Innventures, SCB Digital Ventures and Accenture Ventures contributed to the investments, according to a report by CNBC.

Ripple has raised $93 million in total since it began its investments push. The company is primarily focused on using blockchain technology to make international payments easier.

Ripple believes its technology would help reduce international payment costs by 33 percent for banks. The company claims its technology could make small international payments profitable by cutting costs.

Chris Larsen, CEO and co-founder of Ripple, also plans to take advantage of the Internet of Things' potential for micropayments.

"With a connected device a hundredth of a penny might need to be sent, that can't happen today," Larsen said in the report. "But we are working to make that happen and it opens up a new field of services and revenue for the banks."