Ripple invested $25 million in XRP to Blockchain Capital Parallel IV, LP — the first fund to accept capital calls in digital assets — and focus entirely on the development of the blockchain space.
The $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol.
As open source platforms, the XRP Ledger and Interledger Protocol provide an avenue for developers to work directly with the technology and build on it. While Ripple’s primary focus has been to remove friction from cross-border payments, the investment in Blockchain Capital’s fund provides an opportunity to support and develop additional use cases beyond payments.
“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,” said Bart Stephens, co-founder and managing partner of Blockchain Capital. “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.”
As the ecosystem around blockchain continues to expand and develop, Ripple will look to support new use cases of the technology including more investments in business use cases developed by entrepreneurial teams and funds.
“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,” said Patrick Griffin, SVP of Strategic Growth at Ripple. “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 believes in supporting the XRP Ledger and Interledger Protocol and will continue to look for opportunities to support entrepreneurs, companies and funds that share this vision.
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Categories: Crypto Currency