While Ripple's primary focus has been to remove friction from cross-border payments, the investment in Blockchain Capital's fund provides an opportunity to support and develop additional use cases beyond payments.
Last month, Blockchain Capital announced that it had raised $150 million dollars in its fourth funding round. Griffin stated that: "is is the first fund we have contribute".More news: Pro-Palestinian Dublin mayor avoids Israeli deportation due to misspelled name
Ripple, meanwhile, has hinted that it will continue contributing to other venture capital funds to support and fuel startups and businesses developing blockchain applications.
Bitcoin and Ethereum, the major world's cryptocurrencies, are now not categorized as securities, but Ripple has recently become a subject of discussions with a lot of doubts whether this token may be possibly considered to be a security. 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. For startups to become successful, Blockchain Capital will provide all required resources.
"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", said Bart Stephens, co-founder and managing partner of Blockchain Capital. There are entire verticals - such as healthcare or identity management - that could benefit from blockchain or distributed ledger technology. XRP the cryptocurrency developed by Ripple is used by traders as a popular crypto asset for trading.More news: Nelson Roberts Investment Advisors LLC Sells 161 Shares of Amazon.com, Inc
"We want smart people and smart entrepreneurs, who can solve a problem using XRP", Cory Johnson, chief market strategist at Ripple, told CNBC.
The company, which recently airdropped a massive cache of XRP into USA 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. Share your views in the comments section.More news: Amazon Completes Acquisition Of Video Doorbell Maker Ring