Ripple Rises $25 Million Investment Fund on Blockchain
The company Ripple is investing US$150 million in a blockchain-focused fund.
Ripple owns about 60 billion of the 100 billion ripple. On Wednesday it announced about investing US$25 million into the fund, created by Blockchain Capital, a venture capital firm dedicated to blockchain tech.
Blockchain is the technology that underpins cryptocurrencies. It records a continuously growing list of transactions across a distributed network. The original blockchain was used as the foundation for bitcoin.
This investment will help Ripple to develop the blockchain space. Patrick Griffin, the senior vice-president of strategic growth at Ripple, said in a statement Wednesday
“This is the first fund that we’ve contributed to, and it won’t be the last,” Patrick Griffin. We plan to be major players in shaping the future generation of blockchain or crypto companies.”
It appears, that Ripple shows growing interest in investing in other companies as of late. Brad Garlinghouse, the CEO of the company told TechCrunch in March that the firm wanted to invest in more start-ups that want to use its cryptocurrency.
Ripple made several partnerships with banks and other financial firms, with the intention of enabling faster payments. This partnerships including the use of digital currency. Earlier this year the company announced deals with both Western Union and MoneyGram.
The cryptocurrency hit a record mark of $3 in January. After the announcement it was up almost 0.9%.