San Francisco-based blockchain payments firm Ripple has invested $25 million worth of XRP in Blockchain Capital Parallel IV.
Blockchain Capital is one of the first capital funds set up to back blockchain-based projects and is managing a total capital of around $150 million. Moreover, this is the first fund to accept capital calls in cryptocurrencies.
Bart Stephens, co-founder and managing partner of Blockchain Capital, commented: “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.”
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“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,” he added.
XRP is also optimistic as Blockchain Capital’s investment will provide an opportunity to identify new use cases for Ripple’s own technology – the XRP Ledger and Interledger Protocol.
Ripple is aiming to be the leader in the payments transfer sector as the company is continuing to form new partnerships with numerous banks and financial institutions. According to recent reports, Ripple is entering into a partnership with Bank Santander to launch a Ripple-based international payments app.
“Blockchain Capital is the premier 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,” said Patrick Griffin, SVP of Strategic Growth at Ripple. “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.”