Blockchain VC fund receives $25 Million from Ripple
Ripple, San Francisco-based payment network which is utilizing Blockchain technology, announced about investing $25 mln of its own cryptocurrency, XRP, into Blockchain Capital Parallel IV LP venture fund.
According to the official announcement, it is the first fund to accept capital calls in cryptocurrencies and will focus entirely on the development of the blockchain space.
“The $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol,” the announcement reads.
— Ripple (@Ripple) April 11, 2018
The XRP Ledger and Interledger Protocol, open source platforms, help developers to work directly with the technology and build on it.
According to Ripple, while its primary focus has been to remove friction from cross-border payments, “the investment in Blockchain Capital’s fund provides an opportunity to support and develop additional use cases beyond payments.”
Bart Stephens, co-founder and managing partner of Blockchain Capital said:
“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.”
He pointed that “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.”
Patrick Griffin, SVP of Strategic Growth at Ripple in his turn noted that Blockchain Capital is the premiere fund for any project looking to develop 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.”