Ripple, the company behind the digital currency XRP, said Wednesday that it would invest $25 million in one of the leading venture capital funds that specializes in blockchain-related deals, Blockchain Capital. Ripple is part of Blockchain Capital's portfolio, and the company said this is the first fund that it has ever backed. Moreover, this is the first fund to accept capital calls in cryptocurrencies. The Fund which supports entrepreneurial ventures in the blockchain space, Ripple says will also provide an opportunity to identify new use cases for its XRP Ledger and Interledger Protocol.
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"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.
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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.
Ripple is also rumored to be partnering with Santander banking group to start an global money transfer app which will be based on Ripple's xCurrent and the RippleNet platform.
Several weeks ago, Ripple pulled the heart-strings of the general public and school children across the United States by gifting the largest donation in cryptocurrency history to fill 29 million Dollars worth of projects listed on DonorsChoose.
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"As pioneers in this Blockchain sector, we have been in the front-line looking to work with companies like Ripple in building a credible crypto ecosystem". Blockchain also has a looming presence in the future of insurance and identity management, with a potential pivot into the most obvious use-case of election balloting and voter-protection.
Ripple owns about 60 billion of the total supply of 100 billion XRP tokens created. XRP is already leading the industry in terms of new partnerships and real-world adopters since the start of the year.
The native currency of San Francisco- based company's public Ripple Consensus Ledger [RCL] is XRP token.
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Ripple has previously shown its interest in investing in other companies and in contributing charitable donations.