Blockchain firm Ripple, whose digital currency has seen huge volatility in recent months, is investing in a US$150 million blockchain-focused fund.
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With its largest fundraising round to date, Blockchain Capital now manages $250 million in assets with companies including the likes of Coinbase, Kraken, Circle, and notably Ripple, under its investment portfolio.
Blockchain Capital will focus on investing in entrepreneurial teams that are building businesses on blockchain technology. The new investment is believed to provide a way to examine new user of the XRP Ledger and also the interledger protocol. There are sectors like identity management and healthcare which can largely benefit from Blockchain. This is the first fund that we've contributed to, and it won't be the last. All of the other major digital currency players - including Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) have also seen jumps of between 5 and 9% of the last day. "They have a proven track record for finding and funding the projects that matter", said Patrick Griffin, SVP of Strategic Growth at Ripple.
Stephens said the fund will bankroll startups that use Ripple's own XRP cryptocurrency, bitcoin, or just the underlying technology as part of an effort to promote blockchain over the long-term.
Last month, Ripple partnered with Banking group Santander to release an global money transfer app using Ripple's blockchain xCurrent and RippleNet platforms.