Ripple teams up with Blockchain Founders Fund to boost Web3 adoption
- Ripple has grown into a recognized cross-border blockchain payments company with its RippleNet and On-Demand Liquidity programs used worldwide.
- The XRP price has risen about 4 percent over the past 24 hours to trade around $0.378419 on Friday.
Ripple Labs, a blockchain and crypto payments company, has announced a strategic investment in a Singapore-based venture capital fund called Blockchain Founders Fund (BFF). The strategic investment in the Blockchain Founders Fund (BFF) is reportedly intended to help early stage Web3 startups worldwide accelerate blockchain technology.
According to the announcement, the funding from Ripple will be used by BFF to support high-potential early-stage companies building the infrastructure and products for decentralized finance. Notably, the Blockchain Founders Fund is backed by over 100 Web3-focused companies, including industry leaders, investors, family offices and leading financial institutions.
Brooks Entwistle, senior vice president and managing director at Ripplecommented,
It is clear that blockchain technology can transform industries. We want to see startups unlock the potential of blockchain technology and are excited to partner with the Blockchain Founders Fund to accelerate startups creating world-class products of real benefit to the global market.
Aly Madhavji, managing partner of Blockchain Founders Fund, said the fund would go a long way in Web3 acceleration in the country and across the world. Also, the Singapore government has set clear crypto regulations to help grow the nascent industry. Madhavji remarked.
We are extremely grateful for the support of one of the most prominent players in the industry. We are at the forefront of this revolution and this partnership with Ripple will power the next generation of entrepreneurs and expand their businesses into new markets.
Larger image of Ripple Global Investments
Ripple has grown into a recognized cross-border blockchain payments company with its RippleNet and On-Demand Liquidity programs used worldwide. However, the company is embroiled in legal battles after the United States Securities and Exchange Commission filed a lawsuit alleging that the company sold unregistered securities through the monthly XRP sale.
Regulatory uncertainty in the US has put bottlenecks in blockchain investment, despite recent times banking crisis. For example, Anchorage Digital, an institutional-grade cryptocurrency platform, announced earlier this week that it was sending home 20 percent of its workforce due to regulatory uncertainty in the United States. Ripple has already spent over $100 million in legal fees fighting the SEC over XRP sales, which regulators believe are unregulated securities.
As such, Ripple CEO Brad Garlinghouse has publicly indicated that the blockchain payments giant will transfer its headquarters to a crypto-friendly nation if the SEC wins the ongoing lawsuit.
With the SEC chairman, Gary Gensler, publicly quoted as saying that all digital assets except Bitcoin are unregistered securities, Ripple may be quietly preparing its exit from the US. Moreover, XRP is traded on various centralized exchanges worldwide and used by various institutional investors in ODL services on different continents.
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Meanwhile, the XRP price is trading around $0.378419 on Friday, up about 4 percent in the last 24 hours.
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