Hi-Tech

Ripple's XRP is '100% Not a Security,' Says Company's Chief Market Strategist

Ripple's XRP is '100% Not a Security,' Says Company's Chief Market Strategist

Patrick Griffin, SVP of Strategic Growth at Ripple, said the company will continue contributing to other venture capital funds to support and fuel startups and businesses developing blockchain applications.

Parallel Fund IV is the first fund to accept capital calls in digital assets.

Ripple, which owns about 60 billion of the 100 billion ripple, or XRP, tokens created, said Wednesday that it would invest US$25 million into the fund, created by Blockchain Capital, a venture capital firm dedicated to blockchain tech. The initial goal was to raise $125 million in Blockchain Capital IV LP, whereas the parallel fund was set to raise $25 million.

Ripple, the number three cryptocurrency, seems to be showing increasing interest in investing in other companies recently. The investment will also provide an opportunity to identify new use cases for the XRP Ledger and Interledger Protocol.

The crypto-exclusive venture firm underlined that it would invest in innovative projects that employ blockchain technology in areas beyond payments.




XRP Ledger is an open source platform which allows users to make transactions in different currencies all over the world while the Interledger Protocol is an open protocol for payment across different payment networks. Blockchain Capital is looking to employ the XRP in the fields of healthcare or identity management and believes they can benefit from distributed ledger technology. This is the first fund that we've contributed to, and it won't be the last.

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.

"We've made targeted investments across the major opportunities for blockchain technology, which includes cryptocurrency companies, blockchain companies targeting financial services, and companies that are applying blockchain technology in a range of other verticals from healthcare to media", Blockchain Capital's managing partner Brock Pierce told CCN at the time.

The company, which recently airdropped a massive cache of XRP into United States public school coffers is hoping to stimulate interest in the creation of applications that use its currency and blockchain, which has attracted a lot of interest as a back-end technology in the banking industry, but has only been adopted by one other Coin thus far - the somewhat mysterious Allvor.

Ripple is also rumored to be partnering with Santander banking group to start an global money transfer app which will be based on Ripple's xCurrent and the RippleNet platform.


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