Right after China made an announcement of investing more than $1.6 billion into the development of Blockchain, Ripple has issued a press release saying that it has invested $25 million in its own currency XRP into Blockchain Capital Parallel IV LP venture fund.
Blockchain Capital is the first fund to accept investment in digital assets like XRP. An overall fund of $150 million is managed by Blockchain Capital, and the fund will be invested in entrepreneurial teams that are building businesses using Blockchain technology. The recent investment done by Ripple will offer an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol.
Both XRP Ledger and InterLedger Protocol are open source platforms that offer an opportunity to the developers to work directly with the technology and build upon it. XRP Ledger offers an advanced platform akin to blockchain system which allows users to make transactions in multiple currencies globally, whereas Interledger Protocol is an open protocol for payments across payment network. “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.
Blockchain Capital is looking forward to using XRP in the field of Healthcare or Identity Management. Whether a company wishes to source XRP, Bitcoin or just underlying blockchain technology as a fund management system, Blockchain Capital’s goal is to find the best project and give them the resources they need to deliver value to customers for a long term.
“Blockchain Capital is the premier 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. Ripple as a company wishes to be one of the major players in the development of the future generation of blockchain and crypto companies. Investing in Blockchain Capital is just a beginning, the company will continue to invest more to support entrepreneurs, companies, and funds who believe in the future of Blockchain.