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Ripple Invests $25 Million into Blockchain Focused Fund
13 April 2018, 04:30 | Jodi Jackson
Ripple Invests $25M in Blockchain Capital
The latter is limited to accepting contributions only 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.
Ripple has announced a $25 million investment with its own cryptocurrency, XRP, in Blockchain Capital - the oldest investment fund for the crypto industry.
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. The initial goal was to raise $125 million in Blockchain Capital IV LP, whereas the parallel fund was set to raise $25 million.
Blockchain Capital, a venture capital firm dedicated to blockchain technology, designated Ripple's investment to its own special objective vehicle called the Blockchain Capital Parallel IV, which accepts cryptocurrency investments only.
Ripple's investment follows last month's announcement that Blockchain Capital - the longest-standing blockchain-focused venture capital firm - had already "raised $150 million to invest in equity and cryptocurrency assets".
"There are entire verticals - like healthcare or identity management - that could benefit from blockchain or distributed ledger technology", said Stephens. XRP the cryptocurrency developed by Ripple is used by traders as a popular crypto asset for trading. Ripple's investment will allow them to develop inroads with entrepreneurs and companies focused on other use cases, including those that use the XRP Ledger and Interledger Protocol. Johnson hopes that the next Uber, Salesforce, or Instagram will be built using XRP.
Johnson concedes in the CNBC interview that if the next breakthrough startup is using XRP that it's going to boost the company valuation. "They have a proven track record for finding and funding the projects that matter", said Griffin. "We plan to be major players in shaping the future generation of blockchain or crypto companies".
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