Electronics

Ripple Invests $25M in Blockchain Capital's Latest Fund

Ripple Invests $25M in Blockchain Capital's Latest Fund

Ripple has confirmed its participation in the Blockchain Capital Parallel IV LP Fund, a part of the latter's fourth venture round which only accepts contributions in cryptocurrencies.

The company, which controversially retains control of 60% of the complete circulation of the Ripple (XRP) currency it created - despite stressing its independence - has agreed to sink $25m dollars worth of it into start-up investments being made by Blockchain Capital.

According to Ripple, the $150 million, which is fund managed by Blockchain Capital, will invest in entrepreneurial teams that are building businesses using blockchain technology. More to that it will also support many startups and also focus on the development of the Blockchain field.

Ripple, the number three cryptocurrency, seems to be showing increasing interest in investing in other companies recently. "There are entire verticals - like healthcare or identity management - that could benefit from blockchain or distributed ledger technology".

Trump expected to pardon Scooter Libby - WMBFNews.com, Myrtle Beach/Florence SC, Weather
Many conservatives have been urging a pardon for Libby, including attorneys Joe diGenova and his wife, Victoria Toensing . Multiple people said they learned about Plame's identity from Libby, who denied being the source of the leak.

XRP Ledger is an open source platform which allows users to make transactions in different currencies all over the world while the Interledger Protocol is an open protocol for payment across different payment networks. At its peak last December, one Bitcoin was worth close to US$20,000.

Blockchain Capital now manages a portfolio worth $250 which in blockchain businesses including Coinbase, Kraken, Circle, and Ripple. "They have a proven track record for finding and funding the projects that matter", said Patrick Griffin, SVP of Strategic Growth at Ripple. "Our main aim is to become major layers in shaping the future of Blockchain and even other Blockchain companies".

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". Additionally, he also believes that Ripple is capable of improving legacy of banking systems and help streamline worldwide money transfers.

Ripple has struck several partnerships with banks and other financial firms, with the intention of enabling faster payments.