Ripple Invests $25 Million XRP in Blockchain-Focused Venture Firm

Ripple Invests $25 Million XRP in Blockchain-Focused Venture Firm

San Francisco-based Ripple, that is working on development of a payments network for financial institutions, has its native cryptocurrency XRP that is now the third-largest cryptocurrency with a market cap of more than $24 billion according to the data of CoinMarketCap. Blockchain Capital, a venture capital firm dedicated to blockchain technology, designated Ripple's investment to its own special objective vehicle called the Blockchain Capital Parallel IV, which accepts cryptocurrency investments only.

Join our Telegram channel and get all the latest cryptocurrency news directly to your phone! Blockchain Capital wants to use XRP in different fields like healthcare which they can believe can benefit largely from the 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.

In its official announcement, Ripple underlined that their "investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol".

Patrick Griffin, SVP of Strategic Growth at Ripple, said the company will continue contributing to other venture capital funds to support and fuel startups and businesses developing blockchain applications. Blockchain also has a looming presence in the future of insurance and identity management, with a potential pivot into the most obvious use-case of election balloting and voter-protection.

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Putting speculations to rest once and for all, one of Ripple's top executives told a financial daily that XRP is not a security. They have a proven track record for finding and funding the projects that matter.

Blockchain Capital, in addition to the philanthropic efforts of Ripple, further establishes investor confidence in both the parent company and XRP token.

Ripple has previously shown its interest in investing in other companies and in contributing charitable donations.

Last November, TechCrunch founder and cryptocurrency advocate Michael Arrington stirred the markets by announcing his founding of a hedge fund based entirely in XRP.

The company, which recently airdropped a massive cache of XRP into U.S. public school coffers is hoping to stimulate interest in the creation of applications that use its currency and blockchain, which has attracted a lot of interest as a back-end technology in the banking industry, but has only been adopted by one other Coin thus far - the somewhat mysterious Allvor.

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