Ripple to Invest $25M in Blockchain Capital Fund

Funds, received from Ripple, will be sent to a separate target mechanism for teams of entrepreneurs who use blockchain technology in their products
12 April 2018   1432

The supplier of financial and payment solutions Ripple invested $ 25 million in the new crypto-currency fund of the Californian company Blockchain Capital. This is stated in the official blog of the company.

The investments were directed to Blockchain Capital Parallel IV - the fund, created in 2017 for financing promising bitcoins and blockchain startups.

In March, Blockchain Capital Parallel IV announced the receiving $ 150 million for the cryptocurrency industry innvestments from a number of institutional investors and family trust management companies. Funds, received from Ripple, will be sent to a separate target mechanism for teams of entrepreneurs who use blockchain technology in their products. Also, these investments will help to identify new cases for the Interledger protocol and XRP tokens, Ripple representatives say.

As pioneers in the blockchain sector, we have been on the frontlines and in the trenches with our portfolio companies, like Ripple, building a new crypto ecosystem. There are entire verticals — such as healthcare or identity management — that could benefit from blockchain or distributed ledger technology. 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.

Bart Stephens

Co-founder and managing partner, Blockchain Capital

As noted by Ripple senior vice president for strategic growth Patrick Griffin, this is the company's first investment in such a fund, but they will not be the last.

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. 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.

Patrick Griffin

SVP of Strategic Growth, Ripple

In April 2017, the Blockchain Capital venture fund completed the ICO ahead of schedule, collecting the planned $ 10 million approximately two hours after the start of the crowdsdale. The first project that entered the company's investment portfolio was the developer of the client of the Ethereum network Parity Technologies.

Ripple to Sell $169.42M Worth XRP in Q1 2019

It's 31% more than in Q4 2018, when company was able to sell less than $130M worth XRP
25 April 2019   192

Ripple published a financial report for the first quarter of 2019, indicating that during this period it managed to gain $ 169.42 million from the sale of XRP cryptocurrency. The value increased by 31% compared with the fourth quarter 2018, when XRP was implemented at $ 129.03 million.

Direct institutional sales brought the company $ 61.93 million compared to $ 40.15 million in the previous quarter. The indicator of “programmable sales”, that is, sales carried out with the help of intermediaries, also increased and amounted to $ 107.49 million against $ 88.88 million.

XRP Sales Table, Q4 2018 | Q1 2019
XRP Sales Table, Q4 2018 | Q1 2019

Total XRP trading declined by about 2% to $ 53.85 billion in the first quarter of this year, against $ 54.82 billion in the fourth quarter of the previous year.

For comparison, for the same period last year, Ripple managed to sell XRP for $ 167.7 million, that is, a change in the indicator was about 1%.

In the first quarter, Ripple released 3 billion XRP from its escrow wallets. At the same time, 2.3 billion XRP were returned and entered into new escrow contracts. “The remaining 700 million XRP not returned to escrow are being used in a variety of ways to help support the XRP ecosystem,” explains the company.

In the middle of the month, it became aware of the decision of the Japanese bank Resona to withdraw from the MoneyTap payment project being developed by Ripple.