XRP investment will be used to spur innovation in the blockchain and digital asset space
San Francisco — Ripple has invested $25 million in XRP to Blockchain Capital’s most recent $150 million fund, specifically Blockchain Capital Parallel IV, LP. Blockchain Capital is the first fund dedicated solely to the blockchain space and is also the first to accept capital calls in digital assets.
As the potential use cases for blockchain and digital assets expand beyond financial services and are better understood, so does the potential for innovation. Blockchain Capital will focus on investing in entrepreneurial teams that are building businesses on blockchain technology. Given Ripple’s focus on payments, the investment in Blockchain Capital allows Ripple to develop inroads with entrepreneurs and companies focused on other use cases, including those that use the XRP Ledger and Interledger Protocol.
“As pioneers in the blockchain sector, we have been on the front lines and in the trenches with our portfolio companies like Ripple building a new crypto ecosystem,” said Bart Stephens, Co-founder and Managing Partner of Blockchain Capital. “There are entire verticals – like healthcare or identity management – that could benefit from blockchain or distributed ledger technology. 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.”
“Blockchain Capital is the premiere fund for any project looking to get off the ground in the blockchain space. They have a proven track record for finding and funding the projects that matter,” said Patrick Griffin, SVP of Strategic Growth at Ripple. “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 provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.
About Blockchain Capital
Founded in 2013, Blockchain Capital is one of the earliest and most active investors in the blockchain technology industry and the crypto ecosystem. Blockchain Capital has raised and deployed three prior venture funds, including the first ever ICO of a venture fund (BCAP) in April of 2017. The firm is based in San Francisco and was founded by serial entrepreneurs and Silicon Valley investors Bart Stephens and Brad Stephens. To learn more, please visit www.blockchaincapital.com and follow us on Twitter @blockchaincap.