Ripple Invests $25 Million in XRP for Blockchain Development Fund

Ethereum ETH

Ripple Inc. has made an investment valued at $25 million to Blockchain Capital Parallel IV, LP the first ever fund dedicated to blockchain development.

Founded in 2013, Blockchain Capital is one of the earliest and most active investors in the blockchain industry and the crypto ecosystem. The vast majority of XRP is still owned by the company, and Ripple fully intends to invest more of its seemingly limitless supply of cryptocurrency into other funds.

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".

"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". Blockchain Capital is the first fund dedicated exclusively to the blockchain space and is also the first to accept capital calls in digital assets.

Fintech startup Ripple divulged an investment of $25 million United States dollars worth of its own currency XRP in Blockchain Capital - a venture firm that specializes in blockchain and crypto projects.

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The XRP Ledger is an advanced blockchain-like system which allows users to make transactions in different currencies globally, while the Interledger Protocol is an open protocol for payments across payment networks.

Stephens said the fund will bankroll startups that use Ripple's own XRP cryptocurrency, bitcoin, or just the underlying technology as part of an effort to promote blockchain over the long-term.

Now, this isn't an option at most venture capital firms, which are making investments in crypto-related projects but don't typically accept fundraising contributions in the actual cryptocurrencies.

"This is the first fund that we've contributed to, and it won't be the last", Patrick Griffin, senior vice-president of strategic growth at Ripple, said in a statement Wednesday. "Our main aim is to become major layers in shaping the future of Blockchain and even other Blockchain companies". Additionally, he also believes that Ripple is capable of improving legacy of banking systems and help streamline global money transfers.

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