Ripple, the San Francisco based blockchain startup, announced that it has ventured $25 million worth of XRP tokens in one superior blockchain-focused venture capital company - Blockchain Capital. As part of the fourth venture round, Ripple affirmed its contribution to Blockchain Capital Parallel IV LP fund - which exclusively accepts investments in digital currencies.
In an interview with CNBC, Cory Johnson, Chief Market Strategist at Ripple, commented that the company wants entrepreneurs to develop smart real-life applications using XRP. Johnson is optimistic that the next Uber, Salesforce or Instagram could be built using its currency.
"We want smart people and smart entrepreneurs, who can solve a problem using Ripple. There's money sitting there to be used," s
As per Ripple’s official announcement, Blockchain capital is the “first fund to capital calls in digital assets”. Blockchain Capital has managed to raise a total of $150 million in its fourth fundraising round, making it the largest venture round for the company.
The venture round was divided into two parts: $125 million for the Blockchain Capital IV LP and $25 million raised in digital currencies for the Blockchain Capital Parallel Fund IV. All-inclusive, the blockchain focused venture firm manages $250 million in assets, with crypto giants like Coinbase, Circle, and Kraken as part of its portfolio.
Bart Stephens, co-founder 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.”
Earlier this year, Brad Garlinghouse, CEO of Ripple told TechCrunch that the firm wants to invest more in startups that show the desire of using XRP. The Blockchain Capital also mentioned that it would invest in smart projects that ensure the growth of the entire crypto ecosystem. It would provision startups with required resources for them to become successful businesses that “deliver value to customers for the long-term”.
The company announcement stated:
“The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol”.
In reference to Ripple’s contribution to Blockchain Capital Parallel IV LP fund, Patrick Griffin, Ripple’s Senior Vice President of Strategic Growth said:
“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 Branching Out
Ripple intends to be a major player in the crypto revolution. The intention was accentuated when they donated $29 million to an educational non-profit organization DonorsChoose.
Ripple’s technology is mostly applied nowadays in settling real-time transactions between banks. In the past months, the startup has also announced partnerships with the US. money transfer giants MoneyGram and Western Union.