Blockchain development fund receives a colossal boost from Ripple
Ripple is donating $25m worth of its own XRP cryptocurrency to a fund for blockchain development.
Blockchain Capital is a venture capital firm dedicated to further advancing blockchain development technology.
Ripple owns about 60 billion of the total supply of 100 billion XRP tokens created.
Blockchain is the tech that underpins cryptocurrencies and was first used as the foundation for Bitcoin.
It records an ever-growing list of transactions across a distributed network.
Ripple says its investment will allow it to develop inroads with other companies and entrepreneurs in the blockchain space.
The senior vice president of strategic growth at Ripple, Patrick Griffin, said in a statement on Wednesday:
“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.”
Ripple spreads its wings
Ripple, the number three cryptocurrency, seems to be showing increasing interest in investing in other companies recently.
Speaking to TechCrunch in March, CEO Brad Garlinghouse says the firm wants to invest in more start-ups that want to use its XRP cryptocurrency.
Ripple has struck several partnerships deals with banks and financial institutions.
Firms are attracted to the potential of enabling faster payments.
Those partnerships rarely include the use of its digital asset, however.
Although, earlier this year, the startup announced deals with both MoneyGram and Western Union.
Its cryptocurrency hit a record high of $3 in January.
The price of XRP has since pulled back significantly to around 50 cents.
Shortly after the investment announcement, it rose by around 1.4 percent, according to Coin Thud live data.