Ripple Invests $25 Million in XRP for Blockchain Development Fund
Apr 13 2018 by Joanne Wise
According to Ripple, the $150 million, which is fund managed by Blockchain Capital, will invest in entrepreneurial teams that are building businesses using blockchain technology. It's also the first fund to accept capital in digital currencies.
Enterprise blockchain provider Ripple has made a $25 million investment in blockchain startup, Blockchain Capital, the company announced today. More to that it will also support many startups and also focus on the development of the Blockchain field.
Blockchain Capital, a venture capital firm dedicated to blockchain technology, designated Ripple's investment to its own special goal vehicle called the Blockchain Capital Parallel IV, which accepts cryptocurrency investments only. Given Ripple's focus on payments, the investment in Blockchain Capital allows Ripple to develop inroads with entrepreneurs and companies focused on other use cases, including those that use the XRPLedger and Interledger Protocol.
"There are entire verticals - such as healthcare or identity management - that could benefit from blockchain or distributed ledger technology", said Blockchain Capital's co-founder Stephens.
Ripple added that it believes in supporting the XRP Ledger and Interledger Protocol.
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We created the parallel fund to separate our other LPs from the risk of any change in valuation associated with accepting Ripple's investment in XRP.
"This is the first fund that we've contributed to, and it won't be the last", stated Patrick Griffin, senior vice president of strategic growth for Ripple.
And even more fascinating is that Ripple is not making this fund investment in US dollars but in the XRP currency itself. The company has announced partnerships with numerous major money transfer companies in the USA, including MoneyGram and Western Union.
Ripple is also rumored to be partnering with Santander banking group to start an global money transfer app which will be based on Ripple's xCurrent and the RippleNet platform.
In the payments sector, it is already in partnerships with MoneyGram, Western Union, as well as American Express and Santander - which will use it as the tech behind its All-in-One Payment app, which is due to go live imminently.