Ripple has invested $25 million XRP in Blockchain Venture Fund
Ripple is investing in venture funds
San Francisco based Blockchain technology payment system Ripple has invested $25 million of its cryptocurrency XRP into Blockchain capital Parallel IV LP Venture Fund. The fund which is the oldest Blockchain based venture fund firm is managed by Blockchain Capital and has a market cap of $150 million. It’s also the first fund to accept capital in digital currencies. The new investment is believed to provide a way to examine new user of the XRP Ledger and also the interledger protocol. More to that it will also support many startups and also focus on the development of the Blockchain field.
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. Blockchain Capital wants to use XRP in different fields like healthcare which they can believe can benefit largely from the distributed ledger technology.
According to the founder of Blockchain Venture Fund Bart Stephens:
“As pioneers in this Blockchain sector, we have been in the front-line looking to work with companies like Ripple in building a credible crypto ecosystem. There are sectors like identity management and healthcare which can largely benefit from Blockchain. 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.”
Patrick Griffin believes that through Ripple the company will continue supporting other startups as they follow their vision of becoming influential players in the industry. Griffin stated that: “is is the first fund we have contribute. However, it will not be the last because we are going to support other funds too. Our main aim is to become major layers in shaping the future of Blockchain and even other Blockchain companies.”
Ripple is also rumored to be partnering with Santander banking group to start an international money transfer app which will be based on Ripple’s xCurrent and the RippleNet platform. Ripple has also partnered with payment service MoneyGram in an effort to speed payment transactions.