Enterprise blockchain provider Ripple has made a $25 million investment in blockchain startup, Blockchain Capital, the company announced today.
The growth of Blockchain Capital’s fund, which is now hovering at $150 million, will help support entrepreneurs and startups in the space. Ripple’s own investment will also be used to “provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol,” Ripple stated today in a blog post.
The investment should provide a window into the ways the company’s blockchain as well as its digital token XRP could be utilized outside of payments, according to Ripple’s blog.
Bart Stephens, co-founder and managing partner for Blockchain Capital, said today in a statement:
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.
Ripple’s XRP coin is currently the third-largest crypto asset in terms of market cap after bitcoin and Ethereum, currently hitting a value of $0.49 as of 930am ET, according to CoinMarketCap.