Ripple Invest $25 Million in Search for XRP use Cases and Blockchain Interoperability
Ripple have just announced that they are investing $25 million worth of XRP in Blockchain Capital, a venture capital firm “focused exclusively on the blockchain technology sector and crypto ecosystem”, as the first step in a strategy to become “major players in shaping the future generation of blockchain”.
Blockchain Capital has created a $150 million fund focusing on early stage companies with a blockchain focus. Ripple hopes that its investment will also encourage firms to find new ways of using the open source XRP ledger as well as investigating and developing the Interledger protocol, a way of sending payments across ledgers and so enabling blockchain interoperability.
For Ripple this is an opportunity to empower others to run with their technology while they focus on their primary goal of removing “friction from cross-border payments”.
Bart Stephens, managing partner at Blockchain Capital, points out that finance is by no means the only industry with the potential to gain from distributed ledger technology. “There are entire verticals,” he said, like “healthcare or identity management that could benefit from blockchain”. It’s Blockchain Capital’s job to “find the best projects and give them the resources to be successful companies”, whether those projects use “XRP, Bitcoin or just the underlying blockchain technology”.
So far the company has nurtured many of the household names in the crypto-space, including Blockchain technology group Bitfury and crypto-exchanges Coinbase and Kraken.
The wide potential application of blockchain technology also excites Ripple. Describing Blockchain Capital as “the premiere fund for any project looking to get off the ground in the blockchain space”, Patrick Griffin, the company’s Senior Vice President of Strategic Growth, said that this was just the beginning and Ripple planned “to be major players in shaping the future generation of blockchain or crypto companies”.
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