Ripple invests $25 Million in XRP to fund Blockchain Development
Ripple announced that they invested $25 Million in XRP Blockchain Capital Parallel IV to drive in blockchain and digital assets.
Blockchain Capital is one of the oldest venture funds that is dedicated to blockchain technology. Blockchain Capital recently announced that it raised $150 million to invest in equity and cryptocurrency. Blockchain capital plans to invest this fund into entrepreneurial teams building businesses using blockchain technology.
Ripple says that this investment which is the first contribution to the fund will help provide an opportunity to identify new use cases for the XRP ledger and Interledger protocol.While Ripple’s primary focus has been to remove friction from cross-border payments, the investment Blockchain Capital’s fund provides an opportunity to support and develop additional use cases beyond payments.
Bart Stephens, co-founder of Blockchain Capital says:
As pioneers in the blockchain sector, we have been on the frontlines and in the trenches with our portfolio companies, like Ripple, building a new crypto ecosystem, There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology.
Whether it’s using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them the resources to be successful companies that deliver value to customers for the long term.
Peter Griffin, SVP of strategic growth at Ripple said:
Blockchain Capital is the premiere fund for any project looking to get off the ground in the blockchain space. They have a proven track record for finding and funding the projects that matter, This is the first fund that we’ve contributed to, and it won’t be the last. We plan to be major players in shaping the future generation of blockchain or crypto companies.
Ripple's $25 million investment in @blockchaincap's new fund is the first and not the last contribution to ventures that further develop the #blockchain and $XRP ecosystems. https://t.co/9QHHu8tiGl
— Ripple (@Ripple) April 11, 2018
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