Home / Crypto Currency / Ripple Invests $25 Million in XRP in Blockchain Capital’s $150 Million VC Fund

Ripple Invests $25 Million in XRP in Blockchain Capital’s $150 Million VC Fund


Ripple

Advertisement

Join our community of 10 000 traders on Hacked.com for just $39 per month.

Ripple has announced a $25 million investment with its own cryptocurrency, XRP, in Blockchain Capital – the oldest investment fund for the crypto industry.

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.

In a statement to Fortune, a spokesperson from Blockchain Capital explained:

We created the parallel fund to separate our other LPs from the risk of any change in valuation associated with accepting Ripple’s investment in XRP.

Described by Ripple as the ‘first fund to accept capital calls in digital assets’, the parallel investment vehicle now joins the Blockchain Capital IV LP fund – raising $125 million on its own – in bringing the total to $150 million in the San Francisco-based venture capital firm’s fourth fundraising round.

With its largest fundraising round to date, Blockchain Capital now manages $250 million in assets with companies including the likes of Coinbase, Kraken, Circle, and notably Ripple, under its investment portfolio.

The $150 million fund will invest in startups and entrepreneurial teams utilizing blockchain technology for industry verticals and use cases.

“The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol,” Ripple’s announcement added, pointing to applications of both open-source platforms in areas beyond payments.

“There are entire verticals – such as healthcare or identity management – that could benefit from blockchain or distributed ledger technology,” said Blockchain Capital’s co-founder Stephens.

He added:

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.

After investments in a total of 23 bitcoin and blockchain firms in 2015, Blockchain Capital announced its second venture round raising $13 million in early 2016, as reported by CCN at the time. The VC firm subsequently raised $10 million in its third venture round, the first to do so entirely by a digital fund offering in an ICO.

“We’ve made targeted investments across the major opportunities for blockchain technology, which includes cryptocurrency companies, blockchain companies targeting financial services, and companies that are applying blockchain technology in a range of other verticals from healthcare to media,” Blockchain Capital’s managing partner Brock Pierce told CCN at the time.

Ripple, meanwhile, has hinted that it will continue contributing to other venture capital funds to support and fuel startups and businesses developing blockchain applications.

“This is the first fund that we’ve contributed to, and it won’t be the last,” said Ripple’s senior vice president of Strategic Growth, Patrick Griffin. “We plan to be major players in shaping the future generation of blockchain or crypto companies.”

Ripple’s $25 million investment was bested in recent weeks by its own $29 million donation to educational non-profit DonorsChoose, a move that singularly funded all 35,000 classroom projects listed on the crowdfunding platform.

Featured image from Shutterstock.

Follow us on Telegram.
Advertisement
Read more

Check Also

Binance Freezes Nano Deposits due to “Blockchain Issues”

In the world of cryptocurrency, there are always some developments taking place. For Binance, it seems the company halted Nano deposits starting yesterday. According to a company representative, the wallet maintenance is delayed due to “blockchain issues”. It is not the first time Nano faces such issues, although the matter is usually resolved fairly quickly. The past year has been interesting for the Nano cryptocurrency. Originally known as Raiblocks, the project rebranded to Nano several months ago. However, there have been pretty worrisome issues with this project’s “blockchain” in the past. On most of those occasions, the network would briefly grind to a halt and transactions couldn’t be processed any further. Binance Blames Nano for the Issues It appears history is repeating itself as we speak. Yesterday, Binance temporarily disabled deposits of this altcoin because of ongoing “blockchain issues”. More specifically, it is unclear what caused the problem exactly. Even so, the Binance team is working together with the project’s developers to resolve those issues as quickly as possible. It is possible this is another side effect of the “immaturity” of Nano as a whole. Even so, there needs to be some sort of official communication as to what is happening to the network exactly. For some reason, the developers have not issued any official comment regarding this problem. So far, the Nano community seems to be divided on this front. Some users are convinced Binance is to blame for these issues rather than the other way around. Whether or not that is effectively the case, remains to be determined. It is a very problematic development either way, yet one that will hopefully be resolved soon. Header image courtesy of Shutterstock The post Binance Freezes Nano Deposits due to “Blockchain Issues” appeared first on Bitcoin Network, News, Charts, Guides & Analysis.

Leave a Reply

Your email address will not be published. Required fields are marked *

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.