XRP investment will be used to spur innovation in the blockchain and digital asset space
Ripple has invested $25 million in XRP to Blockchain Capital's most recent $150 million fund, specifically Blockchain Capital Parallel IV, LP. Blockchain Capital is the first fund dedicated solely to the blockchain space and is also the first to accept capital calls in digital assets.
As the potential use cases for blockchain and digital assets expand beyond financial services and are better understood, so does the potential for innovation. Blockchain Capital will focus on investing in entrepreneurial teams that are building businesses on blockchain technology. 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.
"As pioneers in the blockchain sector, we have been on the front lines 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 – like healthcare or identity management – that could benefit from blockchain or distributed ledger technology. 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."
"Blockchain Capital is the premiere 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."