Ripple, the San Francisco-based start-up behind XRP, has invested $25 million worth of the virtual token in Blockchain Capital's Parallel IV venture fund, the company announced on Wednesday.
The $150-million fund will invest in blockchain-based start-ups, aiming to find the most promising projects and provide them with funding to help them become successful companies. Ripple said in a blog post that its investment in the fund would also provide an opportunity to identify new use cases for the XRP Ledger and Interledger protocol. It would allow Ripple to support and develop additional use cases beyond payments, the company added.
“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,” Patrick Griffin, senior vice president of strategic growth at Ripple, said in the blog post. He also indicated that Ripple would be looking to make similar investments in the future.
“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,” Griffin said.
The Ripple price has seen significant gains in the past 24 hours, mostly thanks to a sharp uptick that occurred in late Wednesday trading. The digital coin surged to a one-week high of $0.548, before eventually finishing the session at $0.539.
The cryptocurrency has largely maintained those levels since the start of today’s trading session. As of 06:14 BST, the Ripple price stood at $0.536, according to data from cryptocurrency tracker Coinmarketcap. The digital coin has gained 9.4% in the past 24 hours and its market capitalisation currently stands at almost $21 billion.
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