Blockchain start-up Ripple has invested $25 million in ripple or XRP into Blockchain Capital Parallel IV, LP., a venture capital firm focused exclusively on the blockchain technology.
In a statement, Ripple, which owns about 60 billion XRP cryptocurrency, said the $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology.
Ripple, whose primary focus has been to remove friction from cross-border payments, said the investment will help identify new uses beyond payments for open source platforms XRP Ledger and Interledger Protocol.
Bart Stephens, co-founder and managing partner of Blockchain Capital, said, "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, stated that it is the first fund the company has 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," he said.
Ripple, which has partnered with MoneyGram, Western Union, American Express and Santander among others, reportedly said that it is looking for next Uber, Salesforce, or Instagram to be built on its platform.
According to Coinmarketcap, ripple, the third largest cryptocurrency based on market cap, was trading at $0.51, up 3.9 percent over the last 24 hours, with a market cap of $20 billion.
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