Ripple, the high-profile blockchain startup, announced Wednesday that it plans to invest $25 million worth of its cryptocurrency into Blockchain Capital, a venture capital firm dedicated to blockchain technology.
Ripple, which owns about 60 billion of the 100 billion ripple (XRP), plans on funding “clever” entrepreneurs who can find additional uses for Ripple’s blockchain technology. “We want smart people and smart entrepreneurs, who can solve a problem using XRP,” Cory Johnson, chief market strategist at Ripple, told CNBC in an interview Wednesday. “There’s money sitting there to be used.”
“When I got my iPhone I did not think the killer app would be Uber, the most valuable private company in the world, or a competitor to Kodak with Instagram. I don’t know what the best use of XRP is going to be, and I hope it’s something we can’t even think of.”
This announcement comes shortly after Coinbase unveiled its $1.6 billion venture fund designed to target early-stage startups working to advance the cryptocurrency industry.
— Ripple (@Ripple) April 11, 2018