On Wednesday, California fintech Ripple announced it invested $25 million in XRP to Blockchain Capital Parallel IV, LP, a fund that accepts capital calls in digital assets and focuses entirely on the development of the blockchain space.
According to Ripple, the $150 million, which is 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. Ripple reported that while its primary focus has been to remove friction from cross-border payments, its investment in Blockchain Capital’s fund provides an opportunity to support and develop additional use cases beyond payments. Bart Stephens, Co-Founder and Managing Partner of Blockchain Capital, stated:
“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. 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.”
Patrick Griffin, SVP of Strategic Growth at Ripple, also commented:
“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. 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 added that it believes in supporting the XRP Ledger and Interledger Protocol. The company plans to continue to look for opportunities to support entrepreneurs, companies, and funds that share this vision.
