Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million

Ripple joins Blockchain Capital VC Fund with XRP investment worth $25 million

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.

Ripple, the company behind the digital currency XRP, said Wednesday that it would invest $25 million in one of the leading venture capital funds that specializes in blockchain-related deals, Blockchain Capital.

Last month, Blockchain Capital announced that it had raised $150 million dollars in its fourth funding round.

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Ripple, the number three cryptocurrency, seems to be showing increasing interest in investing in other companies recently.

Blockchain Capital, a venture capital firm dedicated to blockchain technology, designated Ripple's investment to its own special goal vehicle called the Blockchain Capital Parallel IV, which accepts cryptocurrency investments only. Blockchain Capital is a rare breed - it has set up a $75 million fund that runs in parallel to its own fund that reportedly only takes contributions made in crypto. It also seeks for startup projects that would ensure the advancement of the entire crypto ecosystem.

Ripple was co-founded by tech angel investor Chris Larsen, who is now the richest person in crypto.

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Ripple hopes innovative startups will use its native protocol to come up with innovative applications in a variety of different sectors. Given Ripple's focus on payments, the investment in Blockchain Capital allows Ripple to develop inroads with entrepreneurs and companies focused on other use cases, including those that use the XRP Ledger and Interledger Protocol.

With a view to put to end all the talks around recent Coinbase rejection to add XRP to its platform due to questions over its status, Ripple's chief market strategist Cory Johnson expressed his firm position: "We absolutely are not a security". The company has announced partnerships with numerous major money transfer companies in the United States, including MoneyGram and Western Union. "If somebody starts the next Uber, or Instagram or Salesforce using XRP, that would be great for us, " Johnson said. "There's money sitting there to be used". Share your views in the comments section.

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