Published: Fri, April 13, 2018
IT | By Lester Massey

Ripple (XRP) Invests $25 Million in Blockchain Fund

Ripple (XRP) Invests $25 Million in Blockchain Fund

San-Francisco-based Ripple is developing a blockchain-based payment service to help out banks.

According to Ripple, Blockchain Capital has approximately $150 million fund under its watch. Since it was created, the venture has financed 72 companies, protocols and tokens.

As noted by Fortune, storage startup Omni raised $25 million in Series B funding - the majority of which came in the form of XRP - in December. 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. Not only that, the investment is expected to provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol, Ripple has said.

Ripple added that it believes in supporting the XRP Ledger and Interledger Protocol. There are sectors like identity management and healthcare which can largely benefit from Blockchain.

According to Bart Stephens, co-founder and managing partner of Blockchain Capital, the capital firm is a pioneer in the blockchain sector, it has been at the fore and in the trenches with their portfolio companies, like Ripple, which is designing a new crypto ecosystem. "Whether we are using Bitcoin, XRP or any other Blockchain technology our aim is to find good projects and support them to become successful companies that will deliver value to different customers in the future".

Blockchain Capital is a venture capital firm dedicated to further advancing blockchain development technology.

"This is the first fund that we've contributed to, and it won't be the last", Patrick Griffin, senior vice-president of strategic growth at Ripple, said in a statement Wednesday.

The company, which recently airdropped a massive cache of XRP into USA public school coffers is hoping to stimulate interest in the creation of applications that use its currency and blockchain, which has attracted a lot of interest as a back-end technology in the banking industry, but has only been adopted by one other Coin thus far - the somewhat mysterious Allvor.

Last month, Ripple partnered with Banking group Santander to release an worldwide money transfer app using Ripple's blockchain xCurrent and RippleNet platforms.

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