Ripple has invested $25 million worth of XRP in Blockchain Capital Parallel IV LP venture fund which is managed by Blockchain Capital, the earliest investment fund for the cryptocurrency universe. The funds will be used to carry out research and development on the blockchain technology.
The venture fund raised $150 million in what is its fourth funding round. The money will be used to invest in entrepreneurial teams and companies that are taking advantage of the blockchain technology in their businesses. Research and development on new use cases for Ripple’s XRP ledger and the Interledger Protocol will also be among the priorities. Ripple, through a press release recognized this as an ideal avenue to develop new use cases for the XRP ledger as the company (Ripple) focuses on its core business, cross-border payments.
Speaking about the investment, the co-founder and managing partner of Blockchain Capital, Bart Stephens said that the potential that blockchain has is immense and it can transform other sectors such as the health sector.
“As pioneers in the blockchain sector, we have been on the frontlines and in the trenches with our portfolio companies, like Ripple, building a new crypto ecosystem. There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology.”
Blockchain capital intends to keep investing in projects that deliver value to their customers through the blockchain.
“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.”
Ripple expressed its intention to keep shaping the development of the blockchain technology through Patrick Griffin, the company’s senior vice president of strategic growth.
“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. 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.”