Ripple (TIKER: XRP.EXANTE) has invested $25 million of its XRP tokens in Blockchain Capital Parallel IV, LP — a venture capital firm dedicated to blockchain technology, the San-Francisco based firm said in a statement.
The $150 million fund managed by Blockchain Capital will invest in entrepreneurial teams that are building businesses using blockchain technology.
“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,” he added.
Ripple has struck several partnerships with banks and other financial firms, with the intention of enabling faster payments. Earlier this year the company announced deals with both Western Union (TIKER: WU.NYSE) and MoneyGram (TIKER: MGI.NASDAQ). However, those partnerships have rarely included the use of its digital asset XRP.
Its cryptocurrency, which hit a record high of $3 in January, has pulled back significantly to around 50 cents. It has gained 1,76% over the past 24 hours to reach $0,500110, according to CoinMarketCap.com.
By Siranush Ghazanchyan