Ripple invests $25 million XRP in Blockchain Capital fund
Blockchain Capital Parallel IV becomes the first fund to accept capital commitments in virtual currency.
Digital currency network Ripple has contributed $25 million in XRP tokens to a $150 million Blockchain Capital investment fund, which is supporting entrepreneurial teams that are building blockchain-backed businesses.
This is reportedly the first instance where a fund has accepted security tokens as a means of investment.
Blockchain Capital Parallel IV, LP is a fund managed by US-based Blockchain Capital. Ripple’s investment will also go towards identifying new use cases for the company’s XRP Ledger and Interledger Protocol platforms.
Blockchain Capital’s fund also aims to support and develop other projects and companies beyond payments.
“There are entire verticals – such as healthcare or identity management – that could benefit from blockchain or distributed ledger technology,” Blockchain Capital co-founder and managing partner Bart Stephens said.
“Whether it’s using XRP, bitcoin or just the underlying blockchain technology, our goal is to find the best projects and give them resources to be successful companies that deliver value to customers for the long term.”
Ripple’s senior vice president of strategic growth Patrick Griffin commented that Blockchain Capital was the first fund that the cryptocurrency company has contributed to and guaranteed that it “won’t be the last”.
A plethora of global companies have signed partnerships and made deals with Ripple over the last few months. Ripple’s distributed ledger, RippleNet, provides real-time messaging, plus financial clearing and settlements.
Cloud-based financial services platform Uphold has responded to customer demands, announcing that members now have the ability to buy and sell Ripple’s XRP digital currency directly from their Uphold wallet. Uphold frequently receives requests to support new currencies and XRP was a clear favorite among members.
In March, South Korea’s Woori Bank successfully tested cross-border remittance transactions via Ripple’s DLT.
FLEETCOR subsidiary Cambridge Global Payments plans to use Ripple’s XRP token in overseas transactions. Other companies also making waves with Ripple include Western Union, China’s LianLian Pay, UAE Exchange, MoneyGram, IDT Corporation and MercuryFX, Crédit Agricole, plus five other partners in four countries.
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