Sunday, May 16, 2021

Ripple (XRP) Invests $25 Million in Blockchain Fund

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Ripple invested $25 million worth of XRP into the $150 million blockchain fund created by Blockchain Capital. Blockchain Capital, a venture capital firm dedicated to blockchain technology, designated Ripple’s investment to its own special purpose vehicle called the Blockchain Capital Parallel IV, which accepts cryptocurrency investments only.

A spokesperson for Blockchain Capital explained to Fortune that they “created the parallel fund to separate [their] other LPs from the risk of any change in valuation associated with accepting Ripple’s investment in XRP.”

Blockchain Capital’s acceptance of XRP makes the venture firm one of the first to accept capital calls in digital assets.

“This is the first fund that we’ve contributed to, and it won’t be the last,” stated Patrick Griffin, senior vice president of strategic growth for Ripple.

Ripple has previously shown its interest in investing in other companies and in contributing charitable donations. In March, Ripple’s CEO Bard Garlinghouse stated that he wanted the company to begin investing in more start-ups interested in using XRP and its technology. Also in March, Ripple donated $29 million worth of XRP to to help fund school supplies for students in the U.S. public school system.

Both parties are excited about what Ripple’s investment will do. “We plan to be major players in shaping the future generation of blockchain or crypto companies,” continued Griffen.

Blockchain Capital managing partner Bart Stephens stated, “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.”

Where is Ripple (XRP) sitting today? Currently, XRP is selling for $0.497323, which puts the token up 1.28% in the past 24 hours according to CoinMarketCap date. XRP’s growth may be related to Ripple’s investment in the Blockchain Capital fund – but it may also be a part of the slow tidal wave growth the overall crypto market is experiencing today (as of right now, all coins in the top ten cryptos are up).

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