Ripple invests $25M in Blockchain Capital Venture Fund, aiming to “provide an opportunity to examine new use cases for the XRP Ledger and Interledger Protocol”, support startups, and concentrate on the “development of the Blockchain space”.
12 April, AtoZForex – In the latest cryptocurrency market news, a San Francisco – based payment network Ripple has invested $25 million of its very own cryptocurrency into the Blockchain Capital Parallel IV LP venture fund. According to the official announcement from the company, the new investment aims to “provide an opportunity to examine new use cases for the XRP Ledger and Interledger Protocol”, support startups, and concentrate on the “development of the Blockchain space”.
Ripple Invests $25M in Blockchain Capital Venture Fund
The $150 million fund is managed by Blockchain Capital, which is the oldest venture capital firm that is dedicated to Blockchain technology and the digital currency ecosystem. This is also the first fund to accept capital calls in cryptocurrencies.
As a matter of fact, both Interledger Protocol and XRP Ledger are open source platforms. The latter is an advanced Blockchain-like system which enables users to make transactions in various currencies globally. The former is an open protocol for payments across payment networks. Blockchain Capital intends to employ the XRP in the areas of healthcare or identity managements. The capital also believes that they can benefit from the distributed ledger technology.
Bart Stephens, the co-founder and managing partner of Blockchain Capital, has commented:
“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.”
SVP of Strategic Growth at Ripple comments on the investment
He has further explained that their goal is to find the best projects and provide them with resources to be successful firms that deliver value to the customers in the long-term.
As per the SVP of Strategic Growth at Ripple, Patrick Griffin, the company will continue to provide capital to other funds, thus sticking to their vision to become major players in the industry. He has added:
“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.”
Reportedly, Ripple will also partner with the banking group Santander to launch an international money transfer application. The app will be based on Ripple’s Blockchain xCurrent and RippleNet platforms. This January, Ripple has announced a partnership with payment service MoneyGram that aims to speed up fiat settlements.
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