Fintech startup Ripple divulged an investment of $25 million Dollars worth of its own currency XRP in Blockchain Capital - a venture firm that specializes in blockchain and crypto projects. More to that it will also support many startups and also focus on the development of the Blockchain field. In total, the company now manages $250 million in assets, with venture partners like Coinbase, Kraken, and Circle as part of its investment portfolio. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol.
XRP Ledger is an open source platform which allows users to make transactions in different currencies all over the world while the Interledger Protocol is an open protocol for payment across different payment networks.
Ripple, which is providing the back-end for Santander's new crypto payments app, is putting $25 million worth of its cryptocurrency into a venture fund boosting Blockchain projects. There are sectors like identity management and healthcare which can largely benefit from Blockchain.
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.
Ripple Invests $25M in Blockchain Capital
"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.
Now, this isn't an option at most venture capital firms, which are making investments in crypto-related projects but don't typically accept fundraising contributions in the actual cryptocurrencies. "We plan to be major players in shaping the future generation of blockchain or crypto companies".
And even more fascinating is that Ripple is not making this fund investment in US dollars but in the XRP currency itself.
Ripple is also rumored to be partnering with Santander banking group to start an worldwide money transfer app which will be based on Ripple's xCurrent and the RippleNet platform.More news: Columbus CVB teams up with other tourism groups to promote sports
More news: Ban on actor Sri Reddy by MAA lifted
More news: Drinking Alcohol Could Take Years Off Your Life, Study Reveals