Blockchain-based financial technology developer Ripple has provided $25m for US-based venture capital firm Blockchain Capital’s Blockchain Capital Parallel IV fund, it revealed on Wednesday.
The capital was supplied by Ripple in the form of its proprietary cryptocurrency, XRP. Parallel IV closed at $25m last month alongside the $125m Blockchain Capital IV fund according to regulatory filings, bringing the total raised to $150m.
Ripple operates a currency exchange and remittance platform that relies on XRP to process payments in real time. It has raised $90m to date, most recently closing a $55m series B round in 2016.
Investors in Ripple include exchange operator CME, data storage provider Seagate Technology, professional services firm Accenture, internet technology group conglomerate Alphabet and financial services firms Standard Chartered, Siam Commercial Bank, SBI and Santander.
Blockchain Capital will focus on investments in blockchain technology but will not limit its investments to specific verticals within that area.
Ripple expects its commitment will it enable it to better identify entrepreneurs and companies relevant to its own business, including developers that rely on technology such as XRP. It marks the first time the company has invested in a fund.
Patrick Griffin, Ripple’s senior vice-president of strategic growth, said: “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 have contributed to, and it will not be the last. We plan to be major players in shaping the future generation of blockchain or crypto companies.”