Arrington will create a $100 million fund in XRP

He has announced to create hedge fund to support ICOs
30 November 2017   697

TechCrunch founder Michael Arrington has announced to create hedge fund which will be called Arrington XRP Capital. investors will buy shares of the fund and receive distributions in XRP. It is the native cryptocurrency of the Ripple Consensus Ledger (RCL) which is the fourth largest cryptocurrency by total market cap.

We’ll pay our own fees and salaries out in XRP as well. We want to “eat our own dog food” and be active users of crypto currencies in as many parts of our fund operations as possible, not just investors. This will make us better investors.

 

Michael Arrington

TechCrunch founder

The founding partners of Arrington XRP Capital decided to denominate the fund in cryptocurrency rather than fiat. It makes it easier for cryptocurrency holders and foreign investors to participate in the fund. They chose XRP because its fast and secure settlement infrastructure. Besides it has also been adopted by big companies for example American Express.

The fund is going to invest in cryptocurrencies and initial coin offerings (ICOs), and it may be it will obtain small equity stakes in blockchain startups.

Ripple to Work with Saudi Arabia’s Central Bank

Saudi Central Bank provides sandbox for banks to try out Ripple technology  
14 February 2018   125

Together with the Saudi Arabian Monetary Authority (SAMA), Ripple is going to create a pilot programme to enable local banks to deploy xCurrent for cross-border payments.

This pilot programme will provide interested Saudi banks with program management and training. it is the first of its kind to be launched by a central bank.

According to Dilip Rao, global head of infrastructure innovation at Ripple, central banks all over the world are interested in blockchain technology in order to understand how it can transform cross-border payments. It will result in lower barriers for both corporations and consumers.

SAMA will provide resources to domestic banks that want to enable instant payments using Ripple’s innovative blockchain solution. It has the potential to revolutionise cross-border payments, making it cheaper and more transparent. SAMA will be the second central bank to use blockchain technology to revolutionize payments.