San Francisco based startup Ripple, which is most well known for its cryptocurrency XRP, has recently made an investment of $25 million worth of XRP into the Blockchain Capital Parallel IV LP venture fund. This announcement was made by Ripple on the 11th
of April by the payment network which uses blockchain technology as the basis for its operations. According to the market caps of cryptocurrencies, Ripple’s XRP currently stands at third among the biggest cryptocurrencies after Bitcoin
The Third Largest Cryptocurrency
Ripple’s XRP has recently seen a lot of volatility this year and has risen in value by quite a bit in recent times. The parent company that made the XRP tokens owns around 60,000,000,000 XRP tokens from the 100,000,000,000 XRP tokens which have been created so far has made the investment into the blockchain technology focused venture capital firm Blockchain Capital in a bid to encourage more advancements in Ripple’s applications that can result in additional uses of the company’s software.
Oldest Capital Venture Firm For Blockchain Technology
Blockchain Capital is the first venture capital firm which was created with the focus on blockchain technology and has enjoyed a lot of success in raising funds for investments into other LPs. The venture capital firm managed to raise $150 million in investments last year so that it could invest the funds into cryptocurrency assets and equity.
With its acceptance of Ripple’s XRP, Blockchain Capital has now become one of the first few venture firms that has started to accept capital calls in cryptocurrency tokens. Blockchain Capital made it a point to raise the funds in XRP in a parallel side car so that the other LPs are not prone to the volatility which is very likely when it comes to digital assets like XRP.
Not Just A Cryptocurrency
Ripple is more than just a cryptocurrency. While the XRP is indeed a cryptocurrency token native to Ripple, Ripple also happens to be an open payment network. Using Ripple’s software, users are able to send money across the world in an efficient manner by utilizing the underlying blockchain technology that powers Ripple.
The investment into the already successful Blockchain capital venture firm, Ripple aims to encourage more and more ambitious entrepreneurs to develop and make use of the software in various fields. There are plenty of industries that can benefit greatly from the blockchain technology.
Things Are Looking Up
The market cap for Ripple just based on the price of XRP alone is just above $29 billion and with the recent affiliation with Blockchain Capital, it is slated to rise further. With the very announcement being made on the 11th
of April, the valuation of XRP rose by 1 percent.
Patrick Griffin, the Senior Vice President of Strategic Growth at the parent company Ripple has said that the company will be continuing to make investments into more capital ventures as they go along. They want to play an important part in the pioneering of blockchain technology moving into the future and the $25 million investment into Blockchain Capital is just the first step to becoming major players in the industry.
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